Corrections Corporation of America Just Filed Its Quarterly Report: 7. EARNINGS PER...







7.


EARNINGS PER SHARE


Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year.  Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.  For CoreCivic, diluted earnings per share is computed by dividing net income by the weighted average number of common shares after considering the additional dilution related to restricted stock-based awards, stock options, and Operating Partnership Units.


A reconciliation of the numerator and denominator of the basic earnings per share computation to the numerator and denominator of the diluted earnings per share computation is as follows (in thousands, except per share data):


 











































































































































































































































































































































 


 


For the Three Months Ended


June 30,


 


 


For the Six Months Ended


June 30,


 


 


 


2022


 


 


2021


 


 


2022


 


 


2021


 


NUMERATOR


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Basic:


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Net income (loss)


 


$


10,562


 


 


$


15,623


 


 


$


29,565


 


 


$


(109,945


)


Diluted:


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Net income (loss)


 


$


10,562


 


 


$


15,623


 


 


$


29,565


 


 


$


(109,945


)


DENOMINATOR


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Basic:


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Weighted average common shares outstanding


 


 


120,529


 


 


 


120,283


 


 


 


120,662


 


 


 


120,098


 


Diluted:


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Weighted average common shares outstanding


 


 


120,529


 


 


 


120,283


 


 


 


120,662


 


 


 


120,098


 


Effect of dilutive securities:


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Restricted stock-based awards


 


817


 


 


 


434


 


 


721


 


 


 



 


Non-controlling interest - Operating Partnership


     Units


 


 



 


 


 


1,342


 


 


 



 


 


 



 


Weighted average shares and assumed conversions


 


 


121,346


 


 


 


122,059


 


 


 


121,383


 


 


 


120,098


 


BASIC EARNINGS (LOSS) PER SHARE


 


$


0.09


 


 


$


0.13


 


 


$


0.25


 


 


$


(0.92


)


DILUTED EARNINGS (LOSS) PER SHARE


 


$


0.09


 


 


$


0.13


 


 


$


0.24


 


 


$


(0.92


)


 


For the six months ended June 30, 2021, 0.3 million restricted stock-based awards and 1.3 million non-controlling interest - operating partnership units were excluded from the computation of diluted loss per share because they were anti-dilutive.  In addition, approximately 16,000 and 0.3 million of stock options were excluded from the computation of diluted earnings per share for the three months ended June 30, 2022 and 2021, respectively, because they were anti-dilutive. Approximately 0.1 million and 0.4 million stock options were excluded from the computation of diluted earnings (loss) per share for the six months ended June 30, 2022 and 2021, respectively, because they were anti-dilutive.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Statement of acquisition of beneficial ownership by individuals - Sept. 12, 2022
Corrections Corporation of America director just disposed of 7,500 shares - Sept. 9, 2022

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