Annual report pursuant to Section 13 and 15(d)

Equity and Earnings Per Share

v3.20.4
Equity and Earnings Per Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Equity and Earnings Per Share EQUITY AND EARNINGS PER SHARE
Common and Preferred Stock
The rights of the holders of our Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of our Class A common stock is entitled to one vote per share and is not convertible into any other shares of our capital stock. Each share of our Class B common stock is entitled to five votes per share, is convertible at any time into one share of Class A common stock at the option of the holder of such share and will automatically convert into one share of Class A common stock upon the occurrence of certain specified events, including a transfer of such shares (other than to such holder’s family members, descendants or certain affiliated persons or entities). Our Board of Directors is authorized to fix the rights and terms for any series of preferred stock without additional shareholder approval.
Earnings Per Share
The following is a reconciliation of the numerator and denominator for the computation of basic and diluted earnings per share:
Year Ended December 31,
2020 2019 2018
Numerator:
Net income attributable to common shareholders $ 54,052  $ 44,436  $ 37,984 
Adjustment for accretion of tax equity financing fees (121) —  — 
Income attributable to common shareholders $ 53,931  $ 44,436  $ 37,984 
Denominator:
Basic weighted-average shares outstanding 47,702  46,586  45,729 
Effect of dilutive securities:
Stock options 1,304  1,188  1,102 
Diluted weighted-average shares outstanding 49,006  47,774  46,831 
Net income per share attributable to common shareholders:
Basic $ 1.13  $ 0.95  $ 0.83 
Diluted $ 1.10  $ 0.93  $ 0.81 
Potentially dilutive shares (1)
1,199  806  692 
(1) Potentially dilutive shares attributable to stock options were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive.