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EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS

6 Months Ended

Jun. 30, 2024

EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS

EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS

11. EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS

Earnings Per Share

The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​
​	Three months ended June 30,					​	Six months ended June 30,
​	2024		​	2023		​	2024		​	2023
Numerator:	​	​	​	​	​	​	​	​	​	​	​
Net income (loss) attributable to ATN International, Inc. stockholders- Basic	​	9,003	​	​	767	​	​	2,690	​	​	(5,118)
Less: Preferred dividends	​	(1,376)	​	​	(1,260)	​	​	(2,727)	​	​	(2,306)
Net income (loss) attributable to ATN International, Inc. common stockholders- Diluted	$	7,627	​	$	(493)	​	$	(37)	​	$	(7,424)
​	​	​	​	​	​	​	​	​	​	​	​
Denominator:	​	​	​	​	​	​	​	​	​	​	​
Weighted-average shares outstanding- Basic	​	15,254	​	​	15,719	​	​	15,346	​	​	15,726
Weighted-average shares outstanding- Diluted	​	15,255	​	​	15,719	​	​	15,346	​	​	15,726

​

Redeemable Noncontrolling Interests

In connection with certain acquisitions, the Company accounts for third-party non-controlling minority investments as redeemable noncontrolling interests, which consist of both redeemable common and, in some instances, preferred units, in its consolidated financial statements.

The common units contain put options allowing the holder to sell at a future date, the common units to a subsidiary of the Company at the then fair market value. The common units participate in the earnings and losses of the subsidiaries and are allocated their applicable share of earnings and losses. After the allocation of earnings and losses, the Company estimates the fair value of the common units and adjusts the book value of the common units to that estimated fair value.

The preferred units contain put options allowing the holder to sell at a future date, the preferred units to a subsidiary of the Company at a fixed price equal to face value of the units plus unpaid dividends. The preferred units hold a distribution preference over common units and carry a fixed dividend rate.

The put options for both the common and preferred units, if any, are nonrecourse to the Company. The put options for the Alloy common units are exercisable beginning in 2026 and the put options for the Alaska Communications common and preferred units are exercisable at the earlier of a future initial public offering of the subsidiary or 2028.

For the three months ended June 30, 2024 and 2023, the Company allocated losses of $2.7 million and $3.4 million, respectively, to the redeemable common units representing their proportionate share of operating losses. For each of the six month periods ended June 30, 2024 and 2023, the Company allocated losses of $6.2 million to the redeemable common units representing their proportionate share of operating losses. The Company then compared the book value of the common units to the fair value and the fair value exceeded the book value. As a result, the book value was increased by $0.9 million and $5.9 million during the six months ended June 30, 2024 and 2023, respectively.

The following table provides a roll forward of the activity related to the Company’s redeemable noncontrolling interests for the six months ended June 30, 2024 and 2023 (in thousands):

​

​	​	​	​	​	​	​	​	​
​	Redeemable Preferred Units		​	Redeemable Common Units		​	Total Redeemable Noncontrolling Interests
Balance, December 31, 2023	$	60,094	​	$	25,823	​	$	85,917
Accrued preferred dividend	​	2,727	​	​	—	​	​	2,727
Allocated net loss	​	—	​	​	(6,176)	​	​	(6,176)
Change in fair value	​	—	​	​	857	​	​	857
Balance, June 30, 2024	$	62,821	​	$	20,504	​	$	83,325

​

​

​	​	​	​	​	​	​	​	​
​	Redeemable Preferred Units		​	Redeemable Common Units		​	Total Redeemable Noncontrolling Interests
Balance, December 31, 2022	$	55,152	​	$	37,317	​	$	92,469
Accrued preferred dividend	​	2,306	​	​	—	​	​	2,306
Allocated net loss	​	—	​	​	(6,170)	​	​	(6,170)
Change in fair value	​	—	​	​	5,879	​	​	5,879
Balance, June 30, 2023	$	57,458	​	$	37,026	​	$	94,484

​

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-3

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