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Net Income Attributable to Shareholders of Crawford & Company per Common Share (Tables)
 6 Months Ended
Jun. 30, 2023
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

 

 

Six months ended

 

 

 

June 30,
2023

 

 

June 30,
2022

 

 

June 30,
2023

 

 

June 30,
2022

 

(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

 

$

3,262

 

 

$

2,236

 

 

$

1,717

 

 

$

1,193

 

 

$

7,857

 

 

$

5,397

 

 

$

2,906

 

 

$

1,986

 

Dividends paid

 

 

1,738

 

 

 

1,191

 

 

 

1,721

 

 

 

1,199

 

 

 

3,472

 

 

 

2,382

 

 

 

3,586

 

 

 

2,448

 

Net income attributable to common shareholders, basic

 

$

5,000

 

 

$

3,427

 

 

$

3,438

 

 

$

2,392

 

 

$

11,329

 

 

$

7,779

 

 

$

6,492

 

 

$

4,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

28,956

 

 

 

19,848

 

 

 

28,757

 

 

 

19,987

 

 

 

28,899

 

 

 

19,848

 

 

 

29,827

 

 

 

20,381

 

Earnings per share - basic

 

$

0.17

 

 

$

0.17

 

 

$

0.12

 

 

$

0.12

 

 

$

0.39

 

 

$

0.39

 

 

$

0.22

 

 

$

0.22

 
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

 

 

Six Months Ended

 

 

 

June 30,
2023

 

 

June 30,
2022

 

 

June 30,
2023

 

 

June 30,
2022

 

(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

 

$

3,299

 

 

$

2,199

 

 

$

1,726

 

 

$

1,184

 

 

$

7,918

 

 

$

5,336

 

 

$

2,919

 

 

$

1,973

 

Dividends paid

 

 

1,738

 

 

 

1,191

 

 

 

1,721

 

 

 

1,199

 

 

 

3,472

 

 

 

2,382

 

 

 

3,586

 

 

 

2,448

 

Net income attributable to common shareholders, diluted

 

$

5,037

 

 

$

3,390

 

 

$

3,447

 

 

$

2,383

 

 

$

11,390

 

 

$

7,718

 

 

$

6,505

 

 

$

4,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

28,956

 

 

 

19,848

 

 

 

28,757

 

 

 

19,987

 

 

 

28,899

 

 

 

19,848

 

 

 

29,827

 

 

 

20,381

 

Weighted-average effect of dilutive securities

 

 

814

 

 

 

—

 

 

 

388

 

 

 

—

 

 

 

557

 

 

 

—

 

 

 

324

 

 

 

—

 

Weighted-average common shares outstanding, diluted

 

 

29,770

 

 

 

19,848

 

 

 

29,145

 

 

 

19,987

 

 

 

29,456

 

 

 

19,848

 

 

 

30,151

 

 

 

20,381

 

Earnings per share - diluted

 

$

0.17

 

 

$

0.17

 

 

$

0.12

 

 

$

0.12

 

 

$

0.39

 

 

$

0.39

 

 

$

0.22

 

 

$

0.22

 
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

 

Six Months Ended

(in thousands)

 

June 30,
2023

 

June 30,
2022

 

June 30,
2023

 

June 30,
2022

Shares underlying stock options excluded

 

456

 

1,530

 

1,482

 

1,530

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

 

1,059

 

836

 

908

 

730

 

(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 six months ended June 30, 2023 and 2022, including restricted shares that were returned prior to vesting. 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

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2023

 

 

June 30,
2022

 

 

June 30,
2023

 

 

June 30,
2022

 

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

 

 

—

 

 

 

—

 

 

 

134

 

 

 

94

 

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

 

 

52

 

 

 

—

 

 

 

52

 

 

 

—

 

CRD-A issued under the Employee Stock Purchase Plan

 

 

—

 

 

 

—

 

 

 

27

 

 

 

(6

)