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Supplemental equity and other information | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Supplemental equity and other information | NOTE 10 — Supplemental equity and other information Loss per share The following table sets forth the information to compute basic and diluted loss per share:
| Three months ended September 30, |  | Nine months ended September 30,
In thousands, except per share data | 2024 |  | 2023 |  | 2024 |  | 2023
Net loss attributable to Gannett | $ | (19,653) |  |  | $ | (2,566) |  |  | $ | (90,673) |  |  | $ | (4,899) |
Basic weighted average shares outstanding | 143,209 |  |  | 140,373 |  |  | 142,279 |  |  | 139,378 |
Diluted weighted average shares outstanding | 143,209 |  |  | 140,373 |  |  | 142,279 |  |  | 139,378 |
Loss per share attributable to Gannett - basic | $ | (0.14) |  |  | $ | (0.02) |  |  | $ | (0.64) |  |  | $ | (0.04) |
Loss per share attributable to Gannett - diluted | $ | (0.14) |  |  | $ | (0.02) |  |  | $ | (0.64) |  |  | $ | (0.04) |
(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 loss per share because their effect would have been antidilutive:
| Three months ended September 30, |  | Nine months ended September 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) | 7,139 |  |  | 8,779 |  |  | 7,139 |  |  | 8,779 |
2027 Notes(c) | 97,057 |  |  | 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 have been convertible for the three and nine months ended September 30, 2024 and 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 September 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 $2.9 million and $9.2 million for the three and nine months ended September 30, 2024, respectively, and $3.9 million and $12.7 million for the three and nine months ended September 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 September 30, 2024 was $18.8 million, and is expected to be recognized over a weighted-average period of 2.1 years through November 2026. Equity awards There were approximately 4 thousand and 0.3 million RSAs granted during the three and nine months ended September 30, 2024, respectively, and approximately 2.7 million RSUs granted during both the three and nine months ended September 30, 2024. Cash awards The Company grants certain employees either long-term cash awards ("LTCAs") or cash performance units ("CPUs"). During 2024, our LTCAs and CPUs were granted during the third quarter of 2024 and during 2023, our LTCAs and CPUs were granted during the first quarter. 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 September 30, 2024, there was approximately $16.8 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, none of which have been issued. There were no issuances of preferred stock during the nine months ended September 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 nine months ended September 30, 2024, the Company did not repurchase any shares of Common Stock under the Stock Repurchase Program. As of September 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:
| Nine months ended September 30, 2024 |  | Nine months ended September 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 (loss) income before reclassifications, net of taxes | (6,232) |  |  | 12,917 |  |  | 6,685 |  |  | 21,080 |  |  | 4,835 |  |  | 25,915 |
Amounts reclassified from accumulated other comprehensive income (loss)(a)(b) | 244 |  |  | — |  |  | 244 |  |  | (457) |  |  | — |  |  | (457) |
Net current period other comprehensive (loss) income, net of tax | (5,988) |  |  | 12,917 |  |  | 6,929 |  |  | 20,623 |  |  | 4,835 |  |  | 25,458 |
Ending balance | $ | (70,332) |  |  | $ | 11,720 |  |  | $ | (58,612) |  |  | $ | (65,728) |  |  | $ | (10,045) |  |  | $ | (75,773) |
(a)Amounts reclassified from accumulated other comprehensive income (loss) 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 (loss) are recorded net of tax impacts of $107 thousand and $146 thousand for the nine months ended September 30, 2024 and 2023, respectively.

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