Computation of Earnings Per Share

12 Months Ended

Dec. 31, 2020

COMPUTATION OF EARNINGS PER SHARE

The computation of basic earnings per share is based on net earnings divided by the weighted average number of shares of common stock outstanding for each year. The computation of diluted earnings per share includes the common stock equivalency of dilutive options granted to employees under the Company's stock incentive plan and shares issuable on redemption of its Convertible Notes.


	For the Year Ended December 31,
	2020		2019		2018
In thousands, except per share amounts
(Loss) earnings from continuing operations	$	(70,434)	$	56,446	$	15,877
Total earnings from discontinued operations	692		153,383		38,292
Net (loss) earnings	$	(69,742)	$	209,829	$	54,169

Basic:
Weighted average number of shares outstanding	27,723		27,936		27,945
(Loss) earnings per share from continuing operations	$	(2.54)	$	2.02	$	0.57
Earnings per share from discontinued operations	0.02		5.49		1.37
Basic (loss) earnings per share	$	(2.52)	$	7.51	$	1.94
Diluted:
Weighted average number of shares outstanding	27,723		27,936		27,945
Weighted average shares issuable on exercise of dilutive stock options	—		156		208
Weighted average shares issuable on exercise of convertible notes	—		—		37
Weighted average shares issuable on redemption of warrants related to 2017 Notes	—		—		33
Total	27,723		28,092		28,223

(Loss) earnings per share from continuing operations	$	(2.54)	$	2.01	$	0.56
Earnings per share from discontinued operations	0.02		5.46		1.36
Diluted (loss) earnings per share	$	(2.52)	$	7.47	$	1.92

Equity awards

Excluded from the diluted earnings per share calculation for the years ended December 31, 2020, 2019 and 2018, respectively, are 597,904, 339,961 and 186,115 shares associated with equity awards granted to employees that are anti-dilutive based on the average stock price.

All outstanding stock awards were excluded in the computation of diluted earnings per share in the year ended December 31, 2020 because their effect was antidilutive due to the loss from continuing operations. For the year ended December 31, 2020, respectively, an additional 40,979 shares issuable under equity awards, which would have been dilutive if exercised based on the average market price being higher than the exercise price, were excluded from the computation of diluted earnings per share as their effect was antidilutive due to the loss from continuing operations.

2024 Convertible Notes

For the years ended December 31, 2020, 2019 and 2018, shares issuable under the 2024 Notes were excluded from the calculation of diluted earnings per share as the conversion price for the Convertible Notes was more than the average share price of the Company's stock.