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Stock Compensation and (Loss) Earnings per Share
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Compensation and (Loss) Earnings per Share Stock Compensation and (Loss) Earnings per Share
The Company granted approximately 518,000 restricted stock units ("RSUs") at market prices ranging from $18.84 to $25.92 to employees and members of the board of directors during the nine months ended September 30, 2022. Additionally, approximately 100,000 Relative Total Shareholder Return (“RTSR”) awards were granted to employees at a value of $23.83 per award during the nine months ended September 30, 2022. The Company incurred $1.8 million and $1.2 million in stock-based compensation expense for the three months ended September 30, 2022 and 2021 and $7.3 million and $2.0 million in stock-based compensation expense for the nine months ended September 30, 2022 and 2021, respectively. Stock-based compensation expense is presented in selling, general and administrative costs in our unaudited condensed consolidated statements of comprehensive (loss) income.
We utilize the treasury stock method to calculate the impact on diluted earnings per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings per share:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands, except per share amounts)2022202120222021
Calculation of net (loss) income per share:
(Loss) income from continuing operations$(2,728)$6,495 $(6,556)$11,066 
Total income from discontinued operations, net of tax— 886,326 — 986,364 
Net (loss) income$(2,728)$892,821 $(6,556)$997,430 
Basic weighted average shares outstanding50,183 49,984 50,153 49,984 
Basic net (loss) income per share - continuing operations$(0.05)$0.13 $(0.13)$0.22 
Basic net income per share - discontinued operations$— $17.73 $— $19.73 
Basic net (loss) income per share$(0.05)$17.86 $(0.13)$19.95 
Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding50,183 49,984 50,153 49,984 
Effect from dilutive shares and options outstanding— 136 — 152 
Diluted weighted average shares outstanding50,183 50,120 50,153 50,136 
Diluted net (loss) income per share - continuing operations$(0.05)$0.13 $(0.13)$0.22 
Diluted net income per share - discontinued operations$— $17.68 $— $19.67 
Diluted net (loss) income per share$(0.05)$17.81 $(0.13)$19.89 
There were approximately 252,000 and 165,000 potentially dilutive equity awards for the three and nine months ended September 30, 2022; however, these securities were excluded from the calculation of diluted weighted average shares
outstanding due to the fact that they were anti-dilutive as a result of the Company's net loss for the period. There were fewer than 215,000 anti-dilutive equity awards outstanding for the three and nine months ended September 30, 2021.

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.