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Supplemental equity and other information | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Supplemental equity and other information | NOTE 10 — Supplemental equity and other information Income (loss) per share The following table sets forth the information to compute basic and diluted income (loss) per share:
| Three months ended June 30, |  | Six months ended June 30,
In thousands, except per share data | 2024 |  | 2023 |  | 2024 |  | 2023
Net income (loss) attributable to Gannett | $ | 13,748 |  |  | $ | (12,677) |  |  | $ | (71,020) |  |  | $ | (2,333) |
Interest adjustment to Net income (loss) attributable to Gannett related to assumed conversions of the 2027 Notes, net of taxes | 8,266 |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to Gannett for diluted earnings per share | $ | 22,014 |  |  | $ | (12,677) |  |  | $ | (71,020) |  |  | $ | (2,333) |
Basic weighted average shares outstanding | 142,827 |  |  | 139,805 |  |  | 141,809 |  |  | 138,873 |
Effect of dilutive securities: |  |  |  |  |  |  |
Restricted stock grants(a) | 1,596 |  |  | — |  |  | — |  |  | — |
2027 Notes | 97,057 |  |  | — |  |  | — |  |  | — |
Diluted weighted average shares outstanding | 241,480 |  |  | 139,805 |  |  | 141,809 |  |  | 138,873 |
Income (loss) per share attributable to Gannett - basic | $ | 0.10 |  |  | $ | (0.09) |  |  | $ | (0.50) |  |  | $ | (0.02) |
Income (loss) per share attributable to Gannett - diluted | $ | 0.09 |  |  | $ | (0.09) |  |  | $ | (0.50) |  |  | $ | (0.02) |
(a) Includes restricted stock awards ("RSAs"), restricted stock units ("RSUs") and performance stock units ("PSUs"). The Company excluded the following securities from the computation of diluted income (loss) per share because their effect would have been antidilutive:
| Three months ended June 30, |  | Six months ended June 30,
In thousands | 2024 |  | 2023 |  | 2024 |  | 2023
Warrants(a) | — |  |  | 845 |  |  | — |  |  | 845 |
Stock options | 6,068 |  |  | 6,068 |  |  | 6,068 |  |  | 6,068 |
Restricted stock grants(b) | 1,258 |  |  | 8,937 |  |  | 4,651 |  |  | 8,937 |
2027 Notes(c) | — |  |  | 97,057 |  |  | 97,057 |  |  | 97,057 |
(a)The warrants expired on November 26, 2023. (b)Includes RSAs, RSUs and PSUs. (c)Represents the total number of shares that would be convertible for the six months ended June 30, 2024 and the three and six months ended June 30, 2023 as stipulated in the 2027 Notes Indenture. The 2027 Notes may be converted at any time by the holders into cash, shares of the Company's Common Stock or any combination of cash and Common Stock, at the Company's election. Conversion of all of the 2027 Notes into Common Stock (assuming the maximum increase in the conversion rate as a result of a Make-Whole Fundamental Change but no other adjustments to the conversion rate), would result in the issuance of an aggregate of 287.2 million shares of Common Stock. The Company has excluded approximately 190.1 million shares from the loss per share calculation, representing the difference between the total number of shares that would be convertible at June 30, 2024 and the total number of shares issuable assuming the maximum increase in the conversion rate. Share-based compensation Share-based compensation expense was $3.5 million and $6.3 million for the three and six months ended June 30, 2024, respectively, and $5.0 million and $8.8 million for the three and six months ended June 30, 2023, respectively, and is included in Selling, general and administrative expenses on the condensed consolidated statements of operations and comprehensive income (loss). The total compensation cost not yet recognized related to non-vested awards as of June 30, 2024 was $10.2 million, and is expected to be recognized over a weighted-average period of 1.2 years through September 2025. Equity awards There were approximately 0.3 million RSAs granted during the three and six months ended June 30, 2024. Cash awards The Company grants certain employees either long-term cash awards ("LTCAs") or cash performance units ("CPUs"). During 2023, our LTCAs and CPUs were granted during the first quarter, and in the future we anticipate the majority of our LTCAs and CPUs to be granted in the third quarter of our fiscal year. CPUs generally vest and pay out in cash on the third anniversary of the grant date based upon the achievement of threshold goals depending on actual performance against financial objectives over a three-year period. LTCAs generally vest and pay out in cash on the first, second and third anniversaries of the date of grant. As of June 30, 2024, there was approximately $7.5 million of unrecognized compensation expense related to cash awards. Preferred stock The Company has authorized 300,000 shares of preferred stock, par value $0.01 per share, issuable in one or more series designated by the Company's Board of Directors. There were no issuances of preferred stock during the six months ended June 30, 2024. Stock repurchase program On February 1, 2022, the Company's Board of Directors authorized the repurchase of up to $100 million (the "Stock Repurchase Program") of the Company's Common Stock. Repurchases may be made from time to time through open market purchases or privately negotiated transactions, pursuant to one or more plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or by means of one or more tender offers, in each case, as permitted by securities laws and other legal requirements. The amount and timing of the purchases, if any, will depend on a number of factors, including, but not limited to, the price and availability of the Company's shares, trading volume, capital availability, Company performance and general economic and market conditions. The Stock Repurchase Program may be suspended or discontinued at any time. Further, future repurchases under our Stock Repurchase Program may be subject to various conditions under the terms of our various debt instruments and agreements, unless an exception is available or we obtain a waiver or similar relief. During the six months ended June 30, 2024, the Company did not repurchase any shares of Common Stock under the Stock Repurchase Program. As of June 30, 2024, the remaining authorized amount under the Stock Repurchase Program was approximately $96.9 million. Accumulated other comprehensive loss The following tables summarize the components of, and the changes in, Accumulated other comprehensive loss, net of tax:
| Six months ended June 30, 2024 |  | Six months ended June 30, 2023
In thousands | Pension and postretirement benefit plans |  | Foreign currency translation |  | Total |  | Pension and postretirement benefit plans |  | Foreign currency translation |  | Total
Beginning balance | $ | (64,344) |  |  | $ | (1,197) |  |  | $ | (65,541) |  |  | $ | (86,351) |  |  | $ | (14,880) |  |  | $ | (101,231) |
Other comprehensive income (loss) before reclassifications, net of taxes | 516 |  |  | (912) |  |  | (396) |  |  | 15,342 |  |  | 12,164 |  |  | 27,506 |
Amounts reclassified from accumulated other comprehensive income(a)(b) | 151 |  |  | — |  |  | 151 |  |  | 31 |  |  | — |  |  | 31 |
Net current period other comprehensive income (loss), net of tax | 667 |  |  | (912) |  |  | (245) |  |  | 15,373 |  |  | 12,164 |  |  | 27,537 |
Ending balance | $ | (63,677) |  |  | $ | (2,109) |  |  | $ | (65,786) |  |  | $ | (70,978) |  |  | $ | (2,716) |  |  | $ | (73,694) |
(a)Amounts reclassified from accumulated other comprehensive income are included in the computation of net periodic benefit cost. See Note 7 — Pensions and other postretirement benefit plans. (b)Amounts reclassified from accumulated other comprehensive income are recorded net of tax impacts of $68 thousand and $14 thousand for the six months ended June 30, 2024 and 2023, respectively.

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