Earnings per share

12 Months Ended

Dec. 31, 2021

The Company is required to present basic earnings per share and diluted earnings per share in accordance with ASC 260. Earnings per share are based on the weighted average number of shares outstanding during the period after consideration of the dilutive effect, if any, for common stock equivalents, including stock options and restricted share units. Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share are computed by dividing net income by the weighted average number of shares of common stock outstanding and dilutive securities outstanding during the period under the treasury method.

The following table sets forth the computation of basic and diluted net income per common share attributable to Arcos Dorados Holdings Inc. for all years presented:


	For the fiscal years ended December 31,
	2021		2020		2019
Net income (loss) attributable to Arcos Dorados Holdings Inc. available to common shareholders	$	45,486	$	(149,451)	$	79,896
Weighted-average number of common shares outstanding - Basic (i)	210,386,761		208,378,442		206,964,903
Incremental shares from vesting of restricted share units	154,802		287,965		664,375
Weighted-average number of common shares outstanding - Diluted	210,541,563		208,666,407		207,629,278

Basic net income (loss) per common share attributable to Arcos Dorados Holdings Inc.	$	0.22	$	(0.72)	$	0.39
Diluted net income (loss) per common share attributable to Arcos Dorados Holdings Inc.	$	0.22	$	(0.72)	$	0.38

(i) Stock dividends and its retroactively are included within the weighted-average number of common shares.