Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.3
Earnings Per Share
9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share

5.

Earnings Per Share

The Company considers its unvested restricted stock awards, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two class method and the treasury stock method.

The following table presents computations of basic and diluted earnings per share under the two-class method:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Cinemark Holdings, Inc.

 

$

31,353

 

 

$

50,228

 

 

$

165,052

 

 

$

194,384

 

Earnings allocated to participating share-based awards (1)

 

 

(211

)

 

 

(304

)

 

 

(1,012

)

 

 

(1,123

)

Net income attributable to common stockholders

 

$

31,142

 

 

$

49,924

 

 

$

164,040

 

 

$

193,261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator (shares in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common stock outstanding

 

 

116,356

 

 

 

116,119

 

 

 

116,288

 

 

 

116,032

 

Common equivalent shares for restricted stock units

 

 

244

 

 

 

203

 

 

 

289

 

 

 

256

 

Diluted common equivalent shares

 

 

116,600

 

 

 

116,322

 

 

 

116,577

 

 

 

116,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to common stockholders

 

$

0.27

 

 

$

0.43

 

 

$

1.41

 

 

$

1.66

 

Diluted earnings per share attributable to common stockholders

 

$

0.27

 

 

$

0.43

 

 

$

1.41

 

 

$

1.66

 

 

(1)

For the three months ended September 30, 2019 and 2018, a weighted average of approximately 793 and 708 shares of restricted stock, respectively, were considered participating securities.  For the nine months ended September 30, 2019 and 2018, a weighted average of approximately 719 and 677 shares of restricted stock, respectively, were considered participating securities.