Stock Compensation and Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Compensation and Earnings (Loss) per Share

Activity related to the Company’s restricted stock units (“RSUs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2023	825	$	21.16
Granted	334	$	20.64
Vested	(247)	$	22.13
Forfeited	—	$	—
Outstanding awards, March 31, 2024	912	$	20.73

The total fair value of RSUs vested was $4.9 million during the three months ended March 31, 2024.

Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2023	293	$	25.80
Granted	128	$	22.30
Vested	—	$	—
Forfeited	—	$	—
Outstanding awards, March 31, 2024	421	$	24.74

Stock-based compensation expense was as follows:


	Three Months Ended March 31,
(in thousands)	2024		2023
Stock compensation expense	$	4,135	$	3,852
Capitalized stock compensation	(169)		(135)
Stock compensation expense, net	$	3,966	$	3,717

As of March 31, 2024, there was $13.8 million of total unrecognized compensation cost related to non-vested RSUs and RTSRs which is expected to be recognized over weighted average period of 2.3 years.

We utilize the treasury stock method to calculate the impact on diluted earnings (loss) per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings (loss) per share:


	Three Months Ended March 31,
(in thousands, except per share amounts)	2024		2023
Calculation of net income per share:
(Loss) income from continuing operations	$	(4,090)	$	741
Total income from discontinued operations, net of tax	218,786		1,325
Net income	$	214,696	$	2,066

Basic weighted average shares outstanding	50,520		50,291

Basic net (loss) income per share - continuing operations	$	(0.08)	$	0.01
Basic net income per share - discontinued operations	4.33		0.03
Basic net income per share	$	4.25	$	0.04

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,520		50,291
Effect from dilutive shares and options outstanding	491		221
Diluted weighted average shares outstanding	51,011		50,512

Diluted net (loss) income per share - continuing operations	$	(0.08)	$	0.01
Diluted net income per share - discontinued operations	4.29		0.03
Diluted net income per share	$	4.21	$	0.04

There were approximately 462,000 and 478,000 anti-dilutive equity awards outstanding during the three months ended March 31, 2024 and 2023, respectively.