EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2021

EARNINGS (LOSS) PER SHAREFor the three-month periods ended March 31, 2021 and 2020, basic earnings per share was computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Unexercised stock options and unvested restricted share awards, including awards subject to certain performance criteria, are excluded from the basic earnings per share calculation, but are included in the diluted earnings per share calculation using the treasury stock method in periods of net income, as long as their effect is not antidilutive. All potential shares of common stock from unexercised stock options and unvested restricted share awards are antidilutive in periods of net loss.

The following table provides a reconciliation of weighted-average shares used to determine basic and diluted earnings per share:


	For the Three Months Ended March 31,
In thousands	2021		2020
Net income (loss)	$	5,094	$	(56,421)

Basic weighted-average common shares outstanding	17,545		17,336
Effect of dilutive options and restricted stock awards	343		—
Diluted weighted-average common shares outstanding	17,888		17,336

Earnings (loss) per share:
Basic	$	0.29	$	(3.25)
Diluted	$	0.28	$	(3.25)

For the three-month periods ended March 31, 2021 and 2020, there were 129,209 and 736,141 shares excluded from the computation of diluted earnings per share, respectively. For the three-month period ended March 31, 2021, these included antidilutive stock options, antidilutive unvested restricted share awards for which requisite service has not yet been rendered, and antidilutive unvested performance share awards with contingently issuable shares. For the three-month period ended March 31, 2020, all outstanding, unvested awards were excluded from the calculation of diluted earnings per share because the Company had net loss during the period. These included all stock options, as well as unvested restricted share awards for which requisite service has not yet been rendered, and certain unvested performance share awards with contingently issuable shares.

A description of the Company's stock options and restricted share awards is included in Note, 13, "Equity Compensation Plans", in the Notes to Consolidated Financial Statements in Part II, Item 8 - Financial Statements and Supplemental Data of the Company's Annual Report on Form 10-K for the year ended December 31, 2020.