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Earnings per Share and Dividends | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Earnings per Share and Dividends | Earnings per Share and Dividends We utilize the treasury stock method to calculate the impact on diluted earnings per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings per share:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except per share amounts) | 2021 |  | 2020 |  | 2021 |  | 2020
Calculation of net income per share: |  |  |  |  |  |  |
Income from continuing operations | $ | 6,732 |  |  | $ | 1,412 |  |  | $ | 11,637 |  |  | $ | 1,026 |
Total income from discontinued operations, net of tax | $ | 886,326 |  |  | $ | 33,509 |  |  | $ | 986,364 |  |  | $ | 76,422 |
Net income | $ | 893,058 |  |  | $ | 34,921 |  |  | $ | 998,001 |  |  | $ | 77,448 |
Basic weighted average shares outstanding | 49,984 |  |  | 49,911 |  |  | 49,984 |  |  | 49,889 |
Basic net income per share - continuing operations | $ | 0.13 |  |  | $ | 0.03 |  |  | $ | 0.23 |  |  | $ | 0.02 |
Basic net income per share - discontinued operations | $ | 17.73 |  |  | $ | 0.67 |  |  | $ | 19.73 |  |  | $ | 1.53 |
Basic net income per share | $ | 17.86 |  |  | $ | 0.70 |  |  | $ | 19.96 |  |  | $ | 1.55 |
Effect of stock-based compensation awards outstanding: |  |  |  |  |  |  |
Basic weighted average shares outstanding | 49,984 |  |  | 49,911 |  |  | 49,984 |  |  | 49,889 |
Effect from dilutive shares and options outstanding | 136 |  |  | 194 |  |  | 152 |  |  | 160 |
Diluted weighted average shares outstanding | 50,120 |  |  | 50,105 |  |  | 50,136 |  |  | 50,049 |
Diluted net income per share - continuing operations | $ | 0.13 |  |  | $ | 0.03 |  |  | $ | 0.23 |  |  | $ | 0.02 |
Diluted net income per share - discontinued operations | $ | 17.68 |  |  | $ | 0.67 |  |  | $ | 19.67 |  |  | $ | 1.53 |
Diluted net income per share | $ | 17.81 |  |  | $ | 0.70 |  |  | $ | 19.90 |  |  | $ | 1.55 |
On July 2, 2021, the Company’s Board of Directors declared a special dividend of $18.75 per share on the issued and outstanding shares of the Company’s common stock (the “Special Dividend”). The Special Dividend was paid on August 2, 2021. The total payout to Shentel shareholders, including amounts reinvested in the Company’s stock via the Company’s Dividend Reinvestment Plan, was approximately $937 million. On August 4, 2021, in accordance with the 2014 Equity Incentive Plan, the Company's Board of Directors adopted a resolution to modify the outstanding equity awards to offset the loss in intrinsic value caused by the disposition of wireless and the decline in the Company's share price following the special dividend. No other terms or conditions of the outstanding equity awards were modified, no incremental expense was required to be recognized, and there was no significant impact to dilutive securities.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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