Earnings (Loss) Per Common Share (EPS)

9 Months Ended

Sep. 30, 2020

Earnings Per Share, Basic and Diluted [Abstract]

11. Earnings (Loss) Per Common Share (EPS). The computation of weighted average shares outstanding and the basic and diluted earnings (loss) per common share consisted of the following (in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net income (loss)	$	(3,009)	$	(3,398)	$	(25,221)	$	9,656
Average common shares outstanding		55,505		55,152		55,386		55,029
Basic EPS	$	(0.05)	$	(0.06)	$	(0.46)	$	0.18

Average common shares outstanding		55,505		55,152		55,386		55,029
Effect of dilutive stock options ⁽¹⁾		—		—		—		1,364
Total potential shares outstanding		55,505		55,152		55,386		56,393
Diluted EPS	$	(0.05)	$	(0.06)	$	(0.46)	$	0.17

Stock options excluded as the impact was anti-dilutive⁽¹⁾		4,044		4,299		4,202		1,361

(1)

For the three and nine-month periods ended September 30, 2020, approximately 2.2 million and 2.2 million stock options, respectively, were considered antidilutive due to the net loss in each period. Independent of the net loss incurred, the potentially dilutive effect of these options would have been approximately 951,000 and 855,000 shares, respectively. For the three-month period ended September 30, 2019, approximately 2.4 million stock options were considered antidilutive due to the net loss in the period. Independent of the net loss incurred, the potentially dilutive effect of these options would have been approximately 979,000 shares.