Earnings Per Share

3 Months Ended

Mar. 31, 2022

Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per 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 loss per share computation were 32,891 and 3,471 for the three months ended March 31, 2022 and 2021, respectively.

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 K - “Debt and Other Obligations” within these condensed 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 Three Months Ended March 31,
(in thousands except share and per share amounts)	2022		2021
Net loss	$	(7,977)	$	(3,330)

Weighted average shares outstanding - basic	38,802,420		38,268,332
Effect of potentially dilutive restricted stock units and options (1)	—		—
Weighted average shares outstanding - diluted	38,802,420		38,268,332

Basic and diluted loss per share	$	(0.21)	$	(0.09)

(1) In accordance with ASC 260 - Earnings Per Share, during periods of a net loss, shares used to compute diluted per share amounts exclude potentially dilutive shares related to unvested restricted stock units and unexercised options. For the three months ended March 31, 2022 and 2021, potentially dilutive shares of 490,081 and 906,116 shares, respectively, were excluded, as we were in a net loss position.