Earnings Per Share

12 Months Ended

Dec. 31, 2021

Basic earnings per common share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed using the weighted average number of common shares outstanding during the period plus any potentially dilutive common shares, such as stock options, restricted stock units, and performance-based units calculated using the treasury stock method. Total anti-dilutive shares excluded from the diluted earnings per share were 5,378 as of December 31, 2021, 3,831 as of December 31, 2020, and zero as of December 31, 2019.

Our Credit Agreement (as defined below) restricts the payment of dividends or other distributions to our shareholders by us or any of our subsidiaries. See Note M - “Debt and Other Obligations” within these consolidated financial statements.

The reconciliation of the numerators and denominators used to calculate basic and diluted net income per share are as follows:


	For the Years Ended December 31,
(in thousands, except per share data)	2021		2020		2019
Net income	$	41,982	$	38,192	$	27,525

Weighted average shares outstanding - basic	38,599,300		37,948,796		37,267,188
Effect of potentially dilutive restricted stock units and options	626,316		649,534		797,429
Weighted average shares outstanding - diluted	39,225,616		38,598,330		38,064,617

Basic income per share	$	1.09	$	1.01	$	0.74

Diluted income per share	$	1.07	$	0.99	$	0.72