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Net Income Attributable to Shareholders of Crawford & Company per Common Share (Tables)
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Schedule of Computations of Basic Net Income Attributable to Shareholders of Crawford & Company per Common Share

The computations of basic net income attributable to shareholders of Crawford & Company per common share were as follows:

 

 

 

Three Months Ended

 

 

Nine months ended

 

 

 

September 30,
2021

 

 

September 30,
2020

 

 

September 30,
2021

 

 

September 30,
2020

 

(in thousands, except per share amounts)

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

Earnings per share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings

 

$

4,632

 

 

$

3,380

 

 

$

12,839

 

 

$

9,431

 

 

$

11,257

 

 

$

8,205

 

 

$

6,857

 

 

$

5,053

 

Dividends paid

 

 

1,839

 

 

 

1,344

 

 

 

1,226

 

 

 

901

 

 

 

5,539

 

 

 

4,038

 

 

 

4,281

 

 

 

2,705

 

Net income attributable to common shareholders, basic

 

$

6,471

 

 

$

4,724

 

 

$

14,065

 

 

$

10,332

 

 

$

16,796

 

 

$

12,243

 

 

$

11,138

 

 

$

7,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

30,711

 

 

 

22,407

 

 

 

30,643

 

 

 

22,510

 

 

 

30,786

 

 

 

22,438

 

 

 

30,575

 

 

 

22,533

 

Earnings per share - basic

 

$

0.21

 

 

$

0.21

 

 

$

0.46

 

 

$

0.46

 

 

$

0.55

 

 

$

0.55

 

 

$

0.36

 

 

$

0.34

 
Schedule of Computations of Diluted Net Income Attributable to Shareholders of Crawford & Company per Common Share

The computations of diluted net income attributable to shareholders of Crawford & Company per common share were as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,
2021

 

 

September 30,
2020

 

 

September 30,
2021

 

 

September 30,
2020

 

(in thousands, except per share amounts)

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

Earnings per share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings

 

$

4,710

 

 

$

3,302

 

 

$

12,891

 

 

$

9,379

 

 

$

11,428

 

 

$

8,034

 

 

$

6,879

 

 

$

5,031

 

Dividends paid

 

 

1,839

 

 

 

1,344

 

 

 

1,226

 

 

 

901

 

 

 

5,539

 

 

 

4,038

 

 

 

4,281

 

 

 

2,705

 

Net income attributable to common shareholders, diluted

 

$

6,549

 

 

$

4,646

 

 

$

14,117

 

 

$

10,280

 

 

$

16,967

 

 

$

12,072

 

 

$

11,160

 

 

$

7,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

30,711

 

 

 

22,407

 

 

 

30,643

 

 

 

22,510

 

 

 

30,786

 

 

 

22,438

 

 

 

30,575

 

 

 

22,533

 

Weighted-average effect of dilutive securities

 

 

1,243

 

 

 

—

 

 

 

294

 

 

 

—

 

 

 

1,130

 

 

 

—

 

 

 

235

 

 

 

—

 

Weighted-average common shares outstanding, diluted

 

 

31,954

 

 

 

22,407

 

 

 

30,937

 

 

 

22,510

 

 

 

31,916

 

 

 

22,438

 

 

 

30,810

 

 

 

22,533

 

Earnings per share - diluted

 

$

0.20

 

 

$

0.21

 

 

$

0.46

 

 

$

0.46

 

 

$

0.53

 

 

$

0.54

 

 

$

0.36

 

 

$

0.34

 
Schedule of Antidilutive Shares Excluded from Computation of Diluted Earnings per Share

Listed below are the shares excluded from the denominator in the preceding computation of diluted earnings per share for CRD-A because their inclusion would have been antidilutive:

 

 

 

Three Months Ended

 

Nine Months Ended

(in thousands)

 

September 30,
2021

 

September 30,
2020

 

September 30,
2021

 

September 30,
2020

Shares underlying stock options excluded

 

352

 

2,014

 

706

 

2,014

Performance stock grants excluded because performance conditions have not been met (1)

 

396

 

1,335

 

318

 

1,197

 

(1) Compensation cost is recognized for these performance stock grants based on expected achievement rates; however, no consideration is given to these performance stock grants when calculating diluted earnings per share until the performance measurements have been achieved.
Schedule of Shares Issued and Included in Weighted-average Common Shares used to Compute Basic and Diluted Earnings per Share

The following table details shares issued during the three and nine months ended September 30, 2021 and 2020. These shares are included from their dates of issuance in the weighted-average common shares used to compute basic and diluted earnings per share for CRD-A in the table above. There were no shares of CRD-B issued during any of these periods.

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(in thousands)

 

September 30,
2021

 

 

September 30,
2020

 

 

September 30,
2021

 

 

September 30,
2020

 

CRD-A issued under the Non-Employee Director Stock Plan

 

 

—

 

 

 

3

 

 

 

67

 

 

 

70

 

CRD-A issued under the U.K. ShareSave Scheme

 

 

5

 

 

 

1

 

 

 

70

 

 

 

2

 

CRD-A issued under the Employee Stock Purchase Plan

 

 

159

 

 

 

114

 

 

 

159

 

 

 

114

 

CRD-A issued under the International Plan

 

 

—

 

 

 

4

 

 

 

—

 

 

 

4