Earnings per Common Share

12 Months Ended

Dec. 31, 2020

Earnings per Common Share

Earnings per Common Share

Note 15 – Earnings per Common Share (sharecounts in thousands)

Basic earnings per share is based on the weighted average number of shares outstanding and excludes the dilutive effect of common stock equivalents. Diluted earnings per share is based on the weighted average number of shares outstanding and includes the dilutive effect of common stock equivalents to the extent they are not anti-dilutive. Because the Company is in a net loss position for the year ended December 31, 2020, diluted net loss per share for this

period excludes the effects of all common stock equivalents, which are anti-dilutive. For the years ended December 31, 2019 and December 31, 2018, the anti-dilutive effect of our securities is immaterial.

A reconciliation of the shares included in the basic and fully diluted earnings per share calculations is as follows:

	For the year ended December 31,
in thousands, except per share data	2020		2019		2018
Net income (loss)	$	(5,455)	$	7,864	$	3,044
Weighted average common shares outstanding:
Basic		40,035		40,050		39,932
Incremental shares with dilutive effect:
Restricted stock awards		—		86		114
Diluted		40,035		40,136		40,046
Net income (loss) per share:
Basic	$	(0.14)	$	0.20	$	0.08
Diluted	$	(0.14)	$	0.20	$	0.08