Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings per Share:

Basic EPS is computed by dividing net income available to common stockholders of PRA Group, Inc. by weighted average common shares outstanding. Diluted EPS is computed using the same components as basic EPS, with the denominator adjusted for the dilutive effect of the conversion spread of the Convertible Notes and nonvested share awards, if they are dilutive. There were no dilutive effects caused by the Convertible Notes since issuance through their retirement on June 1, 2023. Share-based awards that are contingent upon the attainment of performance goals are included in the computation of diluted EPS if the effect is dilutive. The dilutive effect of nonvested shares is computed using the treasury stock method, which assumes any proceeds that could be obtained upon the vesting of nonvested shares would be used to purchase common shares at the average market price for the period.

On February 25, 2022, the Company's Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $150.0 million of its common stock. As of September 30, 2023, the Company had $67.7 million remaining for share repurchases, which is subject to restrictive covenants contained in our credit facilities and senior note indentures. Considering these covenants, we did not repurchase any common stock during the nine months ended September 30, 2023.

The following table provides a reconciliation between the computation of basic EPS and diluted EPS for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands, except per share amounts):


	Three Months Ended September 30,
	2023					2022
	Net Loss Attributable to PRA Group, Inc.		Weighted Average Common Shares	EPS		Net Income Attributable to PRA Group, Inc.		Weighted Average Common Shares	EPS
Basic EPS	$	(12,262)	39,242	$	(0.31)	$	24,732	39,018	$	0.63
Dilutive effect of nonvested share awards			—	—				152	—

Diluted EPS	$	(12,262)	39,242	$	(0.31)	$	24,732	39,170	$	0.63

	Nine Months Ended September 30,
	2023					2022
	Net Loss Attributable to PRA Group, Inc.		Weighted Average Common Shares	EPS		Net Income Attributable to PRA Group, Inc.		Weighted Average Common Shares	EPS
Basic EPS	$	(74,695)	39,155	$	(1.91)	$	101,188	39,858	$	2.54
Dilutive effect of nonvested share awards			—	—				267	(0.02)
Diluted EPS	$	(74,695)	39,155	$	(1.91)	$	101,188	40,125	$	2.52

There were no options outstanding, antidilutive or otherwise, as of September 30, 2023 and 2022.