Earnings per Common Share

9 Months Ended

Sep. 30, 2020

17. Earnings per Common Share

The Company computes basic net income (loss) per share using the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted average number of common shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities may consist of warrants, restricted stock units or other contingently issuable shares. The dilutive effect of outstanding warrants, restricted stock units and other contingently issuable shares is reflected in diluted earnings per

share by application of the treasury stock method. The weighted average share impact of warrants and restricted stock units that were excluded from the calculation of diluted shares due to the Company incurring a net loss for the three and nine month periods ending September 30, 2020 were 178,333 shares and 169,555 shares, respectively.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019

(In Thousands)
Weighted average shares outstanding:
Basic weighted average shares outstanding	15,147	15,736	15,144	16,591
Effect of dilutive securities	—	1,116	—	1,153
Diluted weighted average shares outstanding	15,147	16,852	15,144	17,744

The following table provides the basis for basic and diluted earnings per share by reconciling the denominators of the computations: