Earnings Per Share

12 Months Ended

Dec. 31, 2020

COMMON STOCK AND EARNINGS PER SHARE

Earnings per Share

The calculation of basic and diluted earnings per common share are as follows (in thousands, except per share amounts):


	December 31
	2020		2019		2018
Numerator:
Earnings from continuing operations - basic	$	25,079	$	59,983	$	67,883
Gain from stock warrants revaluation, net of tax	—		(6,219)		(7,118)
Earnings from continuing operations - diluted	$	25,079	$	53,764	$	60,765

Denominator:
Weighted-average shares outstanding for basic earnings per share	59,128		58,899		58,765
Common equivalent shares:
Effect of stock-based compensation awards and warrants	803		10,449		9,591
Weighted-average shares outstanding assuming dilution	59,931		69,348		68,356
Basic earnings per share from continuing operations	$	0.42	$	1.02	$	1.16
Diluted earnings per share from continuing operations	$	0.42	0.78		$	0.89

Basic weighted average shares outstanding for purposes of basic earnings per share are less than the shares outstanding due to 365,100 shares, 317,600 shares and 329,600 shares of restricted stock for 2020, 2019 and 2018, respectively, which are accounted for as part of diluted weighted average shares outstanding in diluted earnings per share.

The determination of diluted earnings per share requires the exclusion of the fair value re-measurement of the stock warrants recorded as a liability (see Note D), if such warrants have an anti-dilutive effect on earnings per share. The dilutive effect of the weighted-average diluted shares outstanding is calculated using the treasury method for periods in which equivalent shares have a dilutive effect on earnings per share. Under this method, the number of diluted shares is determined by dividing the assumed proceeds of the warrants recorded as a liability by the average stock price during the period and comparing that amount with the number of corresponding warrants outstanding.