Earnings Per Common Share

6 Months Ended

Jun. 30, 2021

EARNINGS PER COMMON SHARE

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share gives effect to all dilutive common shares outstanding during the reporting period. The dilutive shares we consider in our diluted earnings per share calculation relate to our outstanding stock options, restricted stock awards and restricted stock unit awards.

We determine the dilutive effect of our outstanding stock options using the "treasury stock" method. Under this method, we assume the exercise of all of the outstanding stock options whose exercise price is less than the weighted-average market value of our common stock during the reporting period. This method also assumes that the

proceeds from the hypothetical stock option exercises are used to repurchase shares of our common stock at the weighted-average market value of the stock during the reporting period. The net of the assumed stock options exercised and assumed common shares repurchased represents the number of dilutive common shares, which we add to the denominator of the earnings per share calculation.

The components of basic and diluted earnings per share were as follows for the three-month periods ended June 30, 2021 and 2020:


	Three Months Ended June 30,
(In Thousands, Except Share Data)	2021				2020
	Basic		Diluted		Basic		Diluted
Net income	$	13,750	$	13,750	$	5,960	$	5,960
Weighted-average common shares outstanding	25,109,048		25,109,048		25,024,855		25,024,855
Add dilutive effect of restricted stock unit awards	—		219,700		—		213,203
Add dilutive effect of stock options	—		88,120		—		17,546
Weighted-average common shares outstanding	25,109,048		25,416,868		25,024,855		25,255,604
Earnings per common share	$	0.55	$	0.54	$	0.24	$	0.24
Awards excluded from diluted earnings per share calculation(1)	—		515,984		—		815,279

(1)Outstanding awards that are not "in-the-money" are excluded from the diluted earnings per share calculation because the effect of including them would have been anti-dilutive.


	Six Months Ended June 30,
(In Thousands, Except Share Data)	2021				2020
	Basic		Diluted		Basic		Diluted
Net income (loss)	$	32,452	$	32,452	$	(66,574)	$	(66,574)
Weighted-average common shares outstanding	25,097,545		25,097,545		25,019,441		25,019,441
Add dilutive effect of restricted stock unit awards	—		219,700		—		—
Add dilutive effect of stock options	—		77,483		—		—
Weighted-average common shares outstanding	25,097,545		25,394,728		25,019,441		25,019,441
Earnings (loss) per common share	$	1.29	$	1.28	$	(2.66)	$	(2.66)
Awards excluded from diluted earnings per share calculation(1)	—		515,984		—		515,984