XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.24.3

Earnings Per Share | 9 Months Ended
--- | ---
Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | 5. Earnings Per Share The following table presents computations of basic and diluted earnings per share for Holdings:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Cinemark Holdings, Inc. |  | $ | 187.8 |  |  | $ | 90.2 |  |  | $ | 258.4 |  |  | $ | 206.2 |
Income allocated to participating share-based awards (1) |  |  | (3.6 | ) |  |  | (1.8 | ) |  |  | (5.0 | ) |  |  | (3.6 | )
Basic net income attributable to common stockholders |  | $ | 184.2 |  |  | $ | 88.4 |  |  | $ | 253.4 |  |  | $ | 202.6 |
Add: Interest expense on convertible notes, net of tax |  |  | 3.9 |  |  |  | 4.4 |  |  |  | 12.3 |  |  |  | 14.0 |
Diluted net income attributable to common stockholders |  | $ | 188.1 |  |  | $ | 92.8 |  |  | $ | 265.7 |  |  | $ | 216.6 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average shares outstanding |  |  | 120.0 |  |  |  | 119.2 |  |  |  | 119.8 |  |  |  | 119.0 |
Common equivalent shares for performance stock units |  |  | 2.0 |  |  |  | 0.8 |  |  |  | 1.9 |  |  |  | 0.8 |
Common equivalent shares for convertible notes |  |  | 32.0 |  |  |  | 32.0 |  |  |  | 32.0 |  |  |  | 32.0 |
Common equivalent shares for warrants (2) |  |  | 4.2 |  |  |  | — |  |  |  | — |  |  |  | — |
Diluted weighted average shares outstanding |  |  | 158.2 |  |  |  | 152.0 |  |  |  | 153.7 |  |  |  | 151.8 |
Basic earnings per share attributable to common stockholders |  | $ | 1.54 |  |  | $ | 0.74 |  |  | $ | 2.11 |  |  | $ | 1.70 |
Diluted earnings per share attributable to common stockholders |  | $ | 1.19 |  |  | $ | 0.61 |  |  | $ | 1.73 |  |  | $ | 1.43 |
(1) For the three months ended September 30, 2024 and 2023, a weighted average of approximately 2.38 shares and 2.42 shares of restricted stock, respectively, were considered participating securities. For the nine months ended September 30, 2024 and 2023, a weighted average of approximately 2.38 shares and 2.14 shares of restricted stock, respectively, were considered participating securities. (2) For the three months ended September 30, 2023 and the nine months ended September 30, 2024 and 2023, diluted earnings per share excludes the warrants, as they would be anti-dilutive. Share-based awards Holdings considers its unvested restricted stock awards, which contain non-forfeitable rights to dividends, participating securities and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings 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. For the three and nine months ended September 30, 2024 and 2023, diluted earnings per share using the treasury stock method was less dilutive than the two-class method; as such, only the two-class method has been included above. Convertible notes, hedges and warrants The 4.50% Convertible Senior Notes, discussed further in Note 14 of the Company’s Annual Report on Form 10-K filed February 16, 2024, may be considered dilutive in periods in which Holdings has net income. The impact of such dilution on earnings per share is calculated under the if-converted method, which requires that all of the shares of Holdings' common stock issuable upon conversion of the 4.50% Convertible Senior Notes be included in the calculation of diluted earnings per share assuming conversion at the beginning of the reporting period. Also, the interest expense, net of tax, related to the 4.50% Convertible Senior Notes is excluded from the calculation of diluted net income attributable to common stockholders assuming conversion of the 4.50% Convertible Senior Notes at the beginning of the reporting period. The closing price of Holdings' common stock exceeded $18.66 per share (130% of the initial conversion price of $14.35 per share) during at least 20 of the last 30 trading days of the quarter ended September 30, 2024 and, therefore, the 4.50% Convertible Senior Notes will be convertible during the fourth quarter of 2024. The if-converted value of the 4.50% Convertible Senior Notes, based on the weighted average closing price of Holdings common stock for the nine months ended September 30, 2024, exceeded the aggregate outstanding principal value of the notes by $168.2 as of September 30, 2024. Holdings entered into hedge transactions with counterparties in connection with the issuance of the 4.50% Convertible Senior Notes. The convertible note hedge transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the 4.50% Convertible Senior Notes, the number of shares of Holdings' common stock underlying the 4.50% Convertible Notes, which initially gives Holdings the option to purchase approximately 32.0 shares of its common stock at a price of approximately $14.35 per share. Concurrently with entering into the convertible note hedge transactions, Holdings also entered into warrant transactions with each option counterparty whereby Holdings sold to such option counterparty warrants to purchase, subject to customary anti-dilution adjustments, up to the same number of shares of Holdings' common stock, which initially gives the option counterparties the option to purchase approximately 32.0 shares at a price of approximately $22.08 per share. The economic effect of these transactions is to effectively raise the strike price of the 4.50% Convertible Senior Notes to approximately $22.08 per share of Holdings’ common stock. The warrants expire 1/80 th per trading day between November 15, 2025 and March 12, 2026.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration