Earnings Per Share

6 Months Ended

Jun. 30, 2021

Note 8 –Earnings Per Share

Basic earnings per share are computed by dividing net income by the weighted average number of shares of Common Stock outstanding during the period. The Company’s diluted earnings per share give effect to all potential shares of Common Stock outstanding during a period that do not have an anti-dilutive impact to the calculation. In computing the diluted earnings per share, the treasury stock method is used in determining the number of shares assumed to be issued from the exercise of Common Stock equivalents.

The following table illustrates earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share:

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021		2020
Net income (loss)	$	24,791	$	(10,322	)	$	57,700	$	1,551

Basic weighted average shares of Common Stock outstanding		33,100,230		32,579,549			33,025,432		32,635,322
Dilutive effect of stock options, restricted stock awards and restricted stock units		443,978		—			443,417		233,392
Diluted weighted average shares of Common Stock outstanding		33,544,208		32,579,549			33,468,849		32,868,714

Basic earnings per share	$	0.75	$	(0.32	)	$	1.75	$	0.05
Diluted earnings per share	$	0.74	$	(0.32	)	$	1.72	$	0.05

The following table represents Common Stock issuable upon the exercise of certain stock options that have been excluded from the diluted earnings calculation because the effect of their inclusion would be anti-dilutive.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Anti-dilutive securities share impact		—		894,520		—		346,596