Net Income Per Share

6 Months Ended

Jun. 30, 2022

Basic net income per common share (“Basic EPS”), is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share.

Following is a reconciliation of the numerator and denominator of Basic EPS to the numerator and denominator of Diluted EPS for the three and six months ended June 30, 2022 and 2021 (dollar and share amounts in thousands, except for per share information):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022			2021



Net income (loss) attributable to common shareholders	$	516	$	6,540	$	(2,434)		$	10,556

Basic weighted average shares outstanding	19,386		19,999		19,479			19,897




Basic earnings (loss) per share attributable to common shareholders	$	0.03	$	0.33	$	(0.12)		$	0.53

Diluted shares outstanding:
Basic weighted-average shares outstanding	19,386		19,999		19,479			19,897
Stock-based awards	208		504		—			443
Diluted weighted-average shares outstanding	19,594		20,503		19,479			20,340




Diluted earnings (loss) per share attributable to common shareholders	$	0.03	$	0.32	$	(0.12)		$	0.52

Dilutive shares excluded from diluted-per-share amounts:
Stock options	341		563		—			563

Anti-dilutive shares excluded from diluted-per-share amounts:
Stock options	25		—		341		(1)	—

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(1) As a result of the net loss for the six months ended June 30, 2022, no potentially dilutive securities are included in the calculation of diluted loss per share because such effect would be anti-dilutive. Potentially dilutive securities for the six months ended June 30, 2022 include 341 restricted stock units.

Potentially dilutive shares excluded from diluted-per-share amounts include performance-based options to purchase shares of common stock for which certain earnings metrics have not been achieved. Potentially anti-dilutive shares excluded from diluted-per-share amounts include both non-qualified stock options and unearned performance-based options to purchase shares of common stock with exercise prices greater than the weighted- average share price during the period and shares that would be anti-dilutive to the computation of diluted net income per share for each of the periods presented.