Earnings per Share

6 Months Ended

Jun. 30, 2023

8. Earnings per Share

The computational components of basic and diluted earnings per share for the three months ended June 30, 2023 and 2022 are as follows:


(in thousands)	2023		2022
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	3,724	$	4,385

Denominator
Basic weighted-average shares outstanding		34,619		34,873
Common stock equivalents arising from stock options and restricted stock awards		525		168
Diluted weighted-average shares outstanding		35,144		35,041

The computational components of basic and diluted earnings per share for the six months ended June 30, 2023 and 2022 are as follows:


(in thousands)	2023		2022
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	5,701	$	7,180

Denominator
Basic weighted-average shares outstanding		34,531		34,962
Common stock equivalents arising from stock options and restricted stock awards		641		158
Diluted weighted-average shares outstanding		35,172		35,120

Options and restricted stock units included in the computation of diluted earnings per share are calculated using the treasury stock method. For the three months ended June 30, 2023 and 2022, 1.3 and 1.9 million, respectively, and for the six months ended June 30, 2023 and 2022, 0.7 million and 2.0 million, respectively, of outstanding options and restricted stock units were excluded from the computation of diluted earnings per share due to their having an anti-dilutive effect.

Once a restricted stock unit vests, it is included in the computation of weighted average shares outstanding for purposes of basic and diluted earnings per share.

Common Stock Repurchase

On May 10, 2022, the Company's Board of Directors authorized a share repurchase program under which the Company may purchase up to $20.0 million of its outstanding shares of common stock through April 30, 2025. The authorization permits the Company to repurchase shares in the open market, through accelerated share repurchases, block trades, Rule 10b5-1 trading plans or through privately negotiated transactions in accordance with applicable laws, rules and regulations. Under the program, the Company repurchased zero and 725,000 shares at a cost of zero and $4.3 million during the three and six months ended June 30, 2023 and 2022, respectively.