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EARNINGS PER SHARE | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE For the year ended December 31, 2023, we calculated our basic earnings per share by dividing net income (loss) attributable to common shareholders, before allocation of earnings to participating earnings by the weighted average number of common shares outstanding. For diluted earnings per share, the basic shares outstanding are adjusted by adding all potentially dilutive securities. For the years ended December 31 2022 and 2021, a period during which we had participating securities in the form of Class A preferred shares, we used the two-class method to calculate basic and diluted earnings per share. The two-class method requires a proportional share of net income to be allocated between common shares and participating securities. The proportional share to be allocated to participating securities is determined by dividing total weighted average participating securities by the sum of total weighted average common shares and participating securities. Basic earnings per share is computed under the two-class method by dividing the net income (loss) attributable to common shareholders, after allocation of earnings to participating earnings by the weighted average number of common shares outstanding during the period. Net income attributable to common shareholders, after allocation of earnings to participating earnings represents our net income reduced by an allocation of current period earnings to participating securities as described above. No such adjustment is made during periods with a net loss, as the adjustment would be anti-dilutive. Diluted earnings per share is computed under the two-class method by dividing diluted net income (loss) attributable to common shareholders, after reallocation adjustment for participating securities by the weighted average number of common shares outstanding, plus, for periods with net income attributable to common stockholders, the potential dilutive effects of share-based awards. In addition, we calculate the potential dilutive effect of any outstanding dilutive security under both the two-class method and the “if-converted” method, and we report the more dilutive of the methods as our diluted earnings per share. We also apply the treasury stock method with respect to certain share-based awards in the calculation of diluted earnings per share, if dilutive. On October 30, 2022, we repurchased 3,617 Series A preferred shares from the holders for approximately $30.6 million. The repurchase premium of $5.2 million was treated as a reduction to the numerator of net income (loss) attributable to Civeo common shareholders utilized in the calculation of earnings per share for the year ended December 31, 2022. The calculation of earnings per share attributable to Civeo common shareholders is presented below for the years ended December 31, 2023, 2022 and 2021 (in thousands, except per share amounts):
| 2023 |  | 2022 |  | 2021
Numerator: |  |  |  |  |
Net income attributable to Civeo common shareholders, before allocation of earnings to participating securities | $ | 30,157 |  |  | $ | 2,226 |  |  | $ | (575) |
Less: premium paid for repurchase of preferred shares | — |  |  | (5,189) |  |  | — |
Less: income allocated to participating securities | — |  |  | — |  |  | — |
Net income (loss) attributable to Civeo Corporation common shareholders, after allocation of earnings to participating securities | $ | 30,157 |  |  | $ | (2,963) |  |  | $ | (575) |
Add: undistributed income attributable to participating securities | — |  |  | — |  |  | — |
Less: undistributed income reallocated to participating securities | — |  |  | — |  |  | — |
Diluted net income (loss) attributable to Civeo Corporation common shareholders, after reallocation adjustment for participating securities | $ | 30,157 |  |  | $ | (2,963) |  |  | $ | (575) |
Denominator: |  |  |  |  |
Weighted average shares outstanding - basic | 14,906 |  |  | 14,002 |  |  | 14,232 |
Dilutive shares - share-based awards | 107 |  |  | — |  |  | — |
Weighted average shares outstanding - diluted | 15,013 |  |  | 14,002 |  |  | 14,232 |
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1) | $ | 2.02 |  |  | $ | (0.21) |  |  | $ | (0.04) |
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1) | $ | 2.01 |  |  | $ | (0.21) |  |  | $ | (0.04) |
(1)Computations may reflect rounding adjustments. The following common share equivalents have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive for the years ended December 31, 2023, 2022 and 2021 (in millions of shares):
| 2023 |  | 2022 |  | 2021 |  |
Share-based awards (1) | — |  |  | 0.2 |  |  | 0.2 |  |  |
Preferred shares | — |  |  | 2,240 |  |  | 2,461 |  |  |
(1)Share-based awards for the year ended December 31, 2023 totaled fewer than 0.1 million shares.

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