Earnings Per Common Share

12 Months Ended

Dec. 31, 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 and restricted stock 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:


	Years Ended December 31,
	2021				2020				2019
(In Thousands Except Share and Per Share Data)	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income (loss)	$	80,594	$	80,594	$	(112,706)	$	(112,706)	$	14,820	$	14,820
Weighted-average common shares outstanding	25,092,297		25,092,297		25,027,358		25,027,358		25,138,039		25,138,039
Add dilutive effect of restricted stock awards	—		202,809		—		—		—		232,450
Add dilutive effect of stock options	—		224,620		—		—		—		212,038
Weighted-average common shares	25,092,297		25,519,726		25,027,358		25,027,358		25,138,039		25,582,527
Earnings (loss) per common share	$	3.21	$	3.16	$	(4.50)	$	(4.50)	$	0.59	$	0.58
Awards excluded from diluted calculation(1)	—		800,903		—		618,379		—		63,897

(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.