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Earnings Per Share | 9 Months Ended
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Sep. 30, 2021
Earnings Per Share [Abstract] |
Earnings Per Share | 6. Earnings Per Share The following table presents computations of basic and diluted loss per share:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to Cinemark Holdings, Inc. |  | $ | (77,814 | ) |  | $ | (147,592 | ) |  | $ | (428,522 | ) |  | $ | (377,572 | )
Loss allocated to participating share-based awards (1) |  |  | 1,525 |  |  |  | 1,472 |  |  |  | 7,583 |  |  |  | 2,832 |
Net loss attributable to common stockholders |  | $ | (76,289 | ) |  | $ | (146,120 | ) |  | $ | (420,939 | ) |  | $ | (374,740 | )
Denominator (shares in thousands): |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common stock outstanding |  |  | 117,274 |  |  |  | 116,707 |  |  |  | 117,226 |  |  |  | 116,552 |
Common equivalent shares for restricted stock units (2) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Common equivalent shares for convertible notes and warrants (3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Diluted common equivalent shares |  |  | 117,274 |  |  |  | 116,707 |  |  |  | 117,226 |  |  |  | 116,552 |
Basic loss per share attributable to common stockholders |  | $ | (0.65 | ) |  | $ | (1.25 | ) |  | $ | (3.59 | ) |  | $ | (3.22 | )
Diluted loss per share attributable to common stockholders |  | $ | (0.65 | ) |  | $ | (1.25 | ) |  | $ | (3.59 | ) |  | $ | (3.22 | )
(1) For the three months ended September 30, 2021 and 2020, a weighted average of approximately 2,344 and 1,175 shares of restricted stock, respectively, were considered participating securities. For the nine months ended September 30, 2021 and 2020, a weighted average of approximately 2,112 and 880 shares of restricted stock, respectively, were considered participating securities. (2) For the three months ended September 30, 2021 and 2020, approximately 103 and 438, respectively, common equivalent shares for restricted stock units were excluded because they were anti-dilutive. For the nine months ended September 30, 2021 and 2020, approximately 90 and 689, respectively, common equivalent shares for restricted stock units were excluded because they were anti-dilutive. (3) For the three and nine months ended September 30, 2021 and 2020, diluted loss per share excludes the conversion of the 4.50% Convertible Senior Notes into 32,051 shares of common stock, as well as outstanding warrants, as they would be anti-dilutive. See further discussion below. The Company considers its unvested share-based payment awards, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of loss per share pursuant to the two-class method. Basic loss per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net loss by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted loss per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method. The impact of the 4.50% Convertible Senior Notes on diluted loss per share is calculated under the if-converted method, which assumes conversion of the notes at the beginning of the period. The if-converted value of the 4.50% Convertible Senior Notes exceeded the aggregate outstanding principal value of the notes by $180,842. The closing price of the Company's common stock did not exceed the strike price of $18.65 per share (130% of the initial exercise price of $14.35 per share) during at least 20 of the last 30 trading days of the nine months ended September 30, 2021 and, therefore, the 4.50% Convertible Senior Notes are not considered convertible during the fourth quarter of 2021. As stated in Note 13 of the Company’s Annual Report on Form 10-K filed February 26, 2021, the Company entered into hedge transactions with, and sold warrants to, counterparties in connection with the issuance of the 4.50% Convertible Senior Notes. The hedge transactions are generally expected to reduce the potential dilution of any conversion of the 4.50% Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 4.50% Convertible Senior Notes, as the case may be. The warrants could have a dilutive effect on earnings per share to the extent that the price of the Company’s common stock during a given measurement period exceeds the strike price (initially $22.08 per share).

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