XML 31 R19.htm IDEA: XBRL DOCUMENT v3.21.2
Earnings per Share and Dividends
 9 Months Ended
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)2021202020212020
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 outstanding49,984 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 outstanding49,984 49,911 49,984 49,889 
Effect from dilutive shares and options outstanding136 194 152 160 
Diluted weighted average shares outstanding50,120 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.