Garrett Motion Inc. Just Filed Its Quarterly Report: Note 21. Earnings Pe...

Note 21. Earnings Per Share
The details of the earnings per share (“EPS”) calculations for the three and nine months ended September 30, 2021 and 2020 are as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
(Dollars in millions except per share)
Basic
Net income$63 $11 $367 $54 
Less: preferred stock dividend(36)— (60)— 
Net income available to common shareholders$27 $11 $307 $54 
Weighted average common shares outstanding65,056,274 75,739,152 70,802,999 75,456,358 
EPS – Basic$0.42 $0.15 $4.34 $0.72 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
(Dollars in millions except per share)
Diluted    
Net income$63 $11 $367 $54 
Less: preferred stock dividend(36)— (60)— 
Net income available to common shareholders$27 $11 $307 $54 
Weighted average common shares outstanding – Basic65,056,274 75,739,152 70,802,999 75,456,358 
Dilutive effect of unvested RSUs and other
 contingently issuable shares
25,069 204,842 8,289 667,190 
Dilutive effect of Series A Preferred Stock247,763,126 — 138,852,987 — 
Weighted average common shares outstanding – Diluted312,844,469 75,943,994 209,664,275 76,123,548 
EPS – Diluted$0.20 $0.14 $1.75 $0.71 
Diluted EPS is computed based upon the weighted average number of common shares outstanding for the period plus the dilutive effect of Common Stock equivalents using the treasury stock method and the average market price of our Common Stock for the period.
The diluted EPS calculations exclude the effect of stock options when the options’ assumed proceeds exceed the average market price of the Common Stock during the period. For the nine months ended September 30, 2021, the weighted number of stock options excluded from the computation was 175,497. As described in Note 20, Stock-Based Compensation, as part of emergence from Chapter 11, these stock options were cancelled under the Plan as of the effective date.
The diluted EPS calculations assume the Series A Preferred Stock are converted into Common Stock under the if-converted method and are included in Weighted average common shares outstanding – Diluted if they are dilutive.

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

To receive a free e-mail notification whenever Garrett Motion Inc. makes a similar move, sign up!

Auto Refresh

Feedback