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Earnings Per Common Share
9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Common Share

7. Earnings Per Common Share

The Company calculates basic and diluted earnings per common share in accordance with ASC 260, “Earnings Per Share,” using the two-class method because the Company’s unvested restricted stock is a participating security since these awards contain non-forfeitable rights to receive dividends. Under the two-class method, earnings are allocated to each class of common stock and participating security as if all of the earnings for the period had been distributed.

Basic earnings per common share excludes dilution and is calculated by dividing earnings to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing earnings to common shares by the weighted-average number of common shares, as adjusted for the potentially dilutive effect of stock options, RSUs and PRSUs. The dilutive effect of stock options, RSUs and PRSUs is determined using the treasury stock method.

The following table reconciles earnings (loss) per common share:

 

 

 

Three

 

 

Three

 

 

Nine

 

 

Nine

 

 

 

Months

 

 

Months

 

 

Months

 

 

Months

 

 

 

Ended

 

 

Ended

 

 

Ended

 

 

Ended

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Basic Earnings (Loss) per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common shares — basic

 

$

(2,871

)

 

$

(8,352

)

 

$

(26,515

)

 

$

(24,721

)

Weighted average common shares outstanding — basic

 

 

16,520

 

 

 

12,241

 

 

 

16,428

 

 

 

12,129

 

Basic earnings (loss) per common share

 

$

(0.17

)

 

$

(0.68

)

 

$

(1.61

)

 

$

(2.04

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings (Loss) per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common shares — diluted

 

$

(2,871

)

 

$

(8,352

)

 

$

(26,515

)

 

$

(24,721

)

Weighted average common shares outstanding — diluted

 

 

16,520

 

 

 

12,241

 

 

 

16,428

 

 

 

12,129

 

Diluted earnings (loss) per common share

 

$

(0.17

)

 

$

(0.68

)

 

$

(1.61

)

 

$

(2.04

)

 

The following table indicates the common stock equivalents related to stock options, RSUs and PRSUs that were anti-dilutive and excluded from diluted earnings per common share calculations:

 

 

 

Three

 

 

Three

 

 

Nine

 

 

Nine

 

 

 

Months

 

 

Months

 

 

Months

 

 

Months

 

 

 

Ended

 

 

Ended

 

 

Ended

 

 

Ended

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Anti-dilutive shares due to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise prices higher than the average market price

 

 

100

 

 

 

550

 

 

 

100

 

 

 

550

 

Net loss

 

 

 

 

 

 

 

 

41