Net Income Attributable to Shareholders of Crawford & Company per Common Share | Net Income Attributable to Shareholders of Crawford & Company per Common Share The Company computes earnings per share of its non-voting Class A Common Stock ("CRD-A") and voting Class B Common Stock ("CRD-B") using the two-class method, which allocates the undistributed earnings in each period to each class on a proportionate basis. The Company's Board of Directors has the right, but not the obligation, to declare higher dividends on the CRD-A shares than on the CRD-B shares, subject to certain limitations. In periods when the dividend is the same for CRD-A and CRD-B or when no dividends are declared or paid to either class, the two-class method generally will yield the same earnings per share for CRD-A and CRD-B. During the first three quarters of each of 2017 and 2016, the Board of Directors declared a higher dividend on CRD-A than on CRD-B. The computations of basic net income attributable to shareholders of Crawford & Company per common share were as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, (in thousands, except per share amounts) CRD-A CRD-B CRD-A CRD-B CRD-A CRD-B CRD-A CRD-B Earnings per share - basic: Numerator: Allocation of undistributed earnings $ 4,703 $ 3,691 $ 4,195 $ 3,350 $ 10,858 $ 8,532 $ 10,003 $ 8,037 Dividends paid 2,193 1,226 2,166 1,234 6,593 3,695 6,459 3,703 Net income attributable to common shareholders, basic $ 6,896 $ 4,917 $ 6,361 $ 4,584 $ 17,451 $ 12,227 $ 16,462 $ 11,740 Denominator: Weighted-average common shares outstanding, basic 31,276 24,550 30,922 24,690 31,359 24,639 30,731 24,690 Earnings per share - basic $ 0.22 $ 0.20 $ 0.21 $ 0.19 $ 0.56 $ 0.50 $ 0.54 $ 0.48 The computations of diluted net income attributable to shareholders of Crawford & Company per common share were as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, (in thousands, except per share amounts) CRD-A CRD-B CRD-A CRD-B CRD-A CRD-B CRD-A CRD-B Earnings per share - diluted: Numerator: Allocation of undistributed earnings $ 4,756 $ 3,638 $ 4,239 $ 3,306 $ 10,978 $ 8,412 $ 10,071 $ 7,969 Dividends paid 2,193 1,226 2,166 1,234 6,593 3,695 6,459 3,703 Net income attributable to common shareholders, diluted $ 6,949 $ 4,864 $ 6,405 $ 4,540 $ 17,571 $ 12,107 $ 16,530 $ 11,672 Denominator: Weighted-average common shares outstanding, basic 31,276 24,550 30,922 24,690 31,359 24,639 30,731 24,690 Weighted-average effect of dilutive securities 821 — 743 — 797 — 469 — Weighted-average common shares outstanding, diluted 32,097 24,550 31,665 24,690 32,156 24,639 31,200 24,690 Earnings per share - diluted $ 0.22 $ 0.20 $ 0.20 $ 0.18 $ 0.55 $ 0.49 $ 0.53 $ 0.47 Listed below are the shares excluded from the denominator in the above computation of diluted earnings per share for CRD-A because their inclusion would have been antidilutive: Three months ended Nine months ended (in thousands) September 30, September 30, September 30, September 30, Shares underlying stock options excluded 729 50 692 70 Performance stock grants excluded because performance conditions have not been met (1) 201 895 201 895 ________________________________________________ (1) Compensation cost is recognized for these performance stock grants based on expected achievement rates; however, no consideration is given to these performance stock grants when calculating earnings per share until the performance measurements have been achieved. The following table details shares issued during the three months and nine months ended September 30, 2017 and September 30, 2016 . These shares are included from their dates of issuance in the weighted-average common shares used to compute basic and diluted earnings per share for CRD-A in the table above. There were no shares of CRD-B issued during any of these periods. Three months ended Nine months ended (in thousands) September 30, September 30, September 30, September 30, CRD-A issued under Non-Employee Director Stock Plan 9 2 99 121 CRD-A issued under the Employee Stock Purchase Plan 102 119 102 119 CRD-A issued under the U.K. ShareSave Scheme 4 10 63 151 CRD-A issued under the International Employee Stock Purchase Plan 8 7 8 7 CRD-A issued under the Executive Stock Bonus Plan — 13 107 17 CRD-A issued under the 2016 Omnibus Stock and Incentive Plan 75 — 137 — The Company's share repurchase authorization, approved in August 2014, (the "2014 Repurchase Authorization") provided the Company with the ability to repurchase up to 2,000,000 shares of CRD-A or CRD-B (or both). The 2014 Repurchase Authorization was terminated on July 28, 2017. Effective July 29, 2017, the Company's Board of Directors authorized the repurchase of up to 2,000,000 shares of CRD-A or CRD-B (or both) through July 2020 (the "2017 Repurchase Authorization"). Under the 2017 Repurchase Authorization, repurchases may be made for cash, in the open market or privately negotiated transactions at such times and for such prices as management deems appropriate, subject to applicable contractual and regulatory restrictions. At September 30, 2017 , the Company had remaining authorization to repurchase 1,829,263 shares under the 2017 Repurchase Authorization. During the three months ended September 30, 2017, the Company repurchased 193,527 shares of CRD-A, of which 75,000 shares were repurchased prior to July 29, 2017, under the 2014 Repurchases Authorization and 127,100 shares of CRD-B, of which 74,890 shares were repurchased under the 2014 Repurchase Authorization prior to July 29, 2017, at an average cost of $7.77 and $8.87 , respectively. During the three months ended September 30, 2016 the Company did not repurchase any shares of CRD-A or CRD-B. During the nine months ended September 30, 2017 , the Company repurchased 549,847 shares of CRD-A and 175,588 shares of CRD-B at an average cost of $8.19 and $8.89 , respectively. During the nine months ended September 30, 2016 the Company did not repurchase any shares of CRD-A or CRD-B. |