Earnings Per Share

6 Months Ended

Jun. 30, 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 earnings per share computation were 213,957 and 100,387 for the three and six months ended June 30, 2022 and 2,721 and 1,302 for the three and six months ended June 30, 2021.

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 June 30,				For the Six Months Ended June 30,
(in thousands except share and per share amounts)	2022		2021		2022		2021
Net income	$	10,117	$	10,159	$	2,140	$	6,829

Weighted average shares outstanding - basic	39,089,865		38,647,042		38,946,937		38,458,733
Effect of potentially dilutive restricted stock units and options	160,870		561,113		346,838		757,992
Weighted average shares outstanding - diluted	39,250,735		39,208,155		39,293,775		39,216,725

Basic income per share	$	0.26	$	0.26	$	0.05	$	0.18

Diluted income per share	$	0.26	$	0.26	$	0.05	$	0.17