Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share

Earnings Per Share

Note B — Earnings Per Share

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 diluted earnings per share were 118,525 and 17,864 for the three and six months ended June 30, 2020, and zero for the three and six months ended June 30, 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 L - “Debt and Other Obligations” within these condensed consolidated financial statements.

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

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
(in thousands except share and per share amounts)	2020		2019		2020		2019
Net income	$	31,054	$	10,035	$	15,306	$	3,084
Weighted average shares outstanding - basic		37,958,408		37,299,766		37,749,930		37,151,694
Effect of potentially dilutive restricted stock units and options		367,464		587,793		674,404		737,892
Weighted average shares outstanding - diluted		38,325,872		37,887,559		38,424,334		37,889,586
Basic income per share	$	0.82	$	0.27	$	0.41	$	0.08
Diluted income per share	$	0.81	$	0.26	$	0.40	$	0.08