Basic earnings per common share is computed by dividing consolidated net income by the weighted average number of common shares outstanding during the year.

For diluted earnings per common share, the denominator includes the dilutive effect of outstanding common share equivalents. The dilutive effects of outstanding common share equivalents, including outstanding restricted stock units, stock options, relative total shareholder return performance-based restricted stock units (“TSR-PSUs”) and other performance-based restricted stock units (“PSUs”), are determined using the treasury stock method. The dilutive effects of market-based contingently issuable shares from the TSR-PSUs are included in the weighted average common share calculation based on the number of shares, if any, that would be issuable as of the end of the reporting period, assuming the end of the reporting period is also the end of the performance period. The dilutive effects of attainment-based contingently issuable shares from other PSUs are included in the weighted average common share calculation only when the performance targets have been achieved based on the cumulative achievement against the performance targets as of the end of the reporting period.

The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share amounts):


	Year Ended December 31,
	2022		2021		2020
Numerators:
Consolidated net income	$	74,051	$	50,331	$	44,521

Denominators:
Weighted average common shares outstanding— basic		35,652		35,396		35,144
Dilutive potential common shares		257		385		510
Weighted average common shares outstanding— diluted		35,909		35,781		35,654
Antidilutive potential common shares excluded from above		91		13		13

Earnings per Common Share:
Basic	$	2.08	$	1.42	$	1.27
Diluted	$	2.06	$	1.41	$	1.25

For the year ended December 31, 2022, 12 thousand non-GAAP EPS performance-based restricted stock units and 37 thousand operating cash flow performance-based restricted stock units granted to certain members of the executive management team and 50 thousand performance-based restricted stock units granted to ATI Industrial Automation employees ("ATI-PSUs") were considered contingently issuable shares and were excluded from the calculation of the denominator as the contingent conditions had not been met as of December 31, 2022.

For the year ended December 31, 2021, 45 thousand of non-GAAP EPS performance-based restricted stock units and 37 thousand of operating cash flow performance-based restricted stock units granted to certain members of the executive management team and 213 thousand shares of restricted stock issued to Laser Quantum former non-controlling interest shareholders were considered contingently issuable shares and were excluded from the calculation of the denominator as the contingent conditions had not been met as of December 31, 2021.

For the year ended December 31, 2020, 45 thousand of non-GAAP EPS performance-based restricted stock units granted to certain members of the executive management team and 213 thousand shares of restricted stock issued to Laser Quantum former non-controlling interest shareholders were considered contingently issuable shares and were excluded from the calculation of the denominator as the contingent conditions had not been met as of December 31, 2020.