Earnings Per Share

6 Months Ended

Jun. 30, 2021

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 the diluted earnings per share were 2,721 and 1,302 for the three and six months ended June 30, 2021, and 118,525 and 17,864 for the three and six months ended June 30, 2020.

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				For the Six Months Ended
	June 30,				June 30,
(in thousands except share and per share amounts)	2021		2020		2021		2020
Net income	$	10,159	$	31,054	$	6,829	$	15,306
Weighted average shares outstanding - basic		38,647,042		37,958,408		38,458,733		37,749,930
Effect of potentially dilutive restricted stock units and options		561,113		367,464		757,992		674,404
Weighted average shares outstanding - diluted		39,208,155		38,325,872		39,216,725		38,424,334
Basic income per share	$	0.26	$	0.82	$	0.18	$	0.41
Diluted income per share	$	0.26	$	0.81	$	0.17	$	0.40