Earnings Per Share

12 Months Ended

Dec. 31, 2020

14. EARNINGS PER SHARE

Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period.

The company computed diluted EPS by dividing net income on an if-converted basis, adjusted to add back net interest expense related to the convertible debt instruments, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities. In addition, due to the presentation of GPCC as discontinued operations, the company has presented basic and diluted earnings per share from both continuing operations and from discontinued operations.

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The basic and diluted EPS are calculated as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Basic EPS:
Net income (loss) from continuing operations ⁽¹⁾	$	(108,775)	$	(167,689)	$	4,384
Net income from discontinued operations		-		829		11,539
Net income (loss) attributable to Green Plains	$	(108,775)	$	(166,860)	$	15,923

Weighted average shares outstanding - basic		34,631		38,111		40,320

EPS from continuing operations - basic	$	(3.14)	$	(4.40)	$	0.11
EPS from discontinued operations - basic		-		0.02		0.28
EPS - basic	$	(3.14)	$	(4.38)	$	0.39


Diluted EPS: ⁽²⁾
Net income (loss) from continuing operations ⁽¹⁾	$	(108,775)	$	(167,689)	$	4,384
Net income from discontinued operations		-		829		11,539
Net income (loss) attributable to Green Plains	$	(108,775)	$	(166,860)	$	15,923

Weighted average shares outstanding - basic		34,631		38,111		40,320
Effect of dilutive convertible debt:
Effect of dilutive stock-based compensation awards		-		-		934
Weighted average shares outstanding - diluted		34,631		38,111		41,254

EPS from continuing operations - diluted	$	(3.14)	$	(4.40)	$	0.11
EPS from discontinued operations - diluted		-		0.02		0.28
EPS - diluted	$	(3.14)	$	(4.38)	$	0.39

Anti-dilutive weighted-average convertible debt and stock-based compensation⁽³⁾		14,089		10,560		7,283

(1)Net income (loss) from continuing operations can be recalculated from the consolidated statements of operations by taking the net income (loss) from continuing operations including noncontrolling interest less net income attributable to noncontrolling interests.

(2)The effect related to interest and amortization on convertible debt on an if converted basis has been excluded from diluted EPS for the periods presented as the inclusion of these effects would have been antidilutive.

(3)The effect related to the company’s convertible debt and certain stock-based compensation awards has been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.