Net Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Common Share

Net Loss Per Common Share

The following table sets forth the computation of basic and diluted net earnings (loss) per common share for the periods indicated.

	2021		2020		2019
	(In thousands, except per share data)
Basic
Average common shares outstanding	34,875		34,266		33,594
Net loss	$	(45,563)	$	(28,280)	$	(53,327)
Net loss per common share	$	(1.31)	$	(0.83)	$	(1.59)
Diluted
Average common shares outstanding	34,875		34,266		33,594
Stock options and awards	399		109		48
Average common shares assuming dilution	35,274		34,375		33,642
Net loss	$	(45,563)	$	(28,280)	$	(53,327)
Net loss per common share *	$	(1.31)	$	(0.83)	$	(1.59)

* Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic for the periods in which there was a net loss.

At December 31, 2021, 2020 and 2019, incremental shares associated with equity compensation plans of 1,414,155, 2,275,832 and 3,626,828, respectively, were excluded from the average common shares assuming dilution, as they were anti-dilutive.

At December 31, 2021, the majority of the anti-dilutive shares were granted at an exercise price of $12.15, which was higher than the average fair market value price of $7.13 for 2021. In 2020, the majority of the anti-dilutive shares were granted at an exercise price of $12.15, which was higher than the average fair market value price of $7.42 for 2020. In 2019, the majority of the anti-dilutive shares were granted at an exercise price of $25.24, which was higher than the average fair market value price of $6.93 for 2019.

For 2021, 2020 and 2019 the diluted net loss per share calculation, all the shares associated with stock options were anti-dilutive because of the company's loss.

For 2021, 2020 and 2019, no shares were included in the common shares assuming dilution related to the company's issued warrants as the average market price of the company stock for these periods did not exceed the strike price of the warrants.Further, upon adoption of ASU 2020-06, effective in 2021 for the company, use of the if-converted earnings per share method is required. However, no shares were included in the weighted average common shares assuming dilution for 2021 related to the company's convertible senior notes as conversion prices were above the company's average stock price for the period and other requirements for the notes to be convertible to shares were not met.