Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE

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EARNINGS (LOSS) PER SHARE
3 Months Ended
Mar. 31, 2021
EARNINGS PER SHARE  
EARNINGS (LOSS) PER SHARE

NOTE 6—EARNINGS (LOSS) PER SHARE

As of March 31, 2021, the Company’s 25,896,001  shares outstanding included 215,956 shares of contingently issued but unvested restricted stock. As of March 31, 2020, the Company’s 24,903,913  shares outstanding included 550,857 shares of contingently issued but unvested restricted stock. Restricted stock is excluded from the calculation of basic weighted average shares outstanding, but its impact, if dilutive, is included in the calculation of diluted weighted average shares outstanding.

Basic earnings (loss) per common share are calculated by dividing net (loss) income by the weighted average common shares outstanding during the period. Diluted earnings (loss) per common share are based on the weighted average common shares outstanding during the period, adjusted for the potential dilutive effect of common shares that would be issued upon the vesting and release of restricted stock awards and units and stock options, if any.

Basic and diluted earnings (loss) per common share from continuing operations were calculated as follows:

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(in thousands, except share data)

  

2021

 

2020

Income (loss) from continuing operations

 

$

(1,583)

 

$

(929)

 

 

 

 

 

 

 

Basic earnings (loss) per common share:

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

24,933,894

 

 

20,347,661

 

 

 

 

 

 

 

Basic earnings (loss) per common share

 

$

(0.06)

 

$

(0.05)

 

 

 

 

 

 

 

Diluted earnings (loss) per common share:

 

 

 

 

 

 

Weighted average diluted common shares outstanding

 

 

24,933,894

 

 

20,347,661

 

 

 

 

 

 

 

Diluted earnings (loss) per common share

 

$

(0.06)

 

$

(0.05)

 

The weighted average number of shares outstanding used in the computation of basic and diluted earnings per common share does not include the effect of the following potential outstanding common stock. The effects of the potentially outstanding service-based restricted stock and restricted stock unit awards were not included in the calculation of diluted earnings per common share because the effect would have been anti-dilutive. The effects of the potentially outstanding performance- and market-based restricted stock unit awards were not included in the calculation of diluted earnings per common share because the performance and/or market conditions had not been satisfied as of March 31, 2021 and 2020.

 

 

 

 

 

Three Months Ended March 31,

 

2021

 

2020

Unvested service-based restricted stock and restricted stock unit awards

1,476,645

 

1,188,564

Unvested performance- and market-based restricted stock unit awards

1,023,740

 

550,016