Earnings Per Share

9 Months Ended

Sep. 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 34,379 and 20,202 for the three and nine months ended September 30, 2020, and 10 and zero for the three and nine months ended September 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 income per share are as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
(in thousands except share and per share amounts)	2020		2019		2020		2019
Net income	$	6,815	$	5,691	$	22,121	$	8,775
Weighted average shares outstanding - basic		38,133,598		37,349,144		37,878,753		37,218,234
Effect of potentially dilutive restricted stock units and options		503,938		637,716		613,212		703,533
Weighted average shares outstanding - diluted		38,637,536		37,986,860		38,491,965		37,921,767
Basic income per share	$	0.18	$	0.15	$	0.58	$	0.24
Diluted income per share	$	0.18	$	0.15	$	0.57	$	0.23