Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v3.21.2
EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2021
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 6—EARNINGS PER SHARE

As of September 30, 2021, the Company’s 25,915,502 shares outstanding included 215,956 shares of contingently issued but unvested restricted stock. As of September 30, 2020, the Company’s 25,336,442 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 per common share are calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings 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 per common share from continuing operations were calculated as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

(in thousands, except share and per share data)

  

2021

2020

2021

  

2020

Income from continuing operations

$

794

$

1,116

$

1,857

$

2,696

Basic earnings per common share:

Weighted average common shares outstanding

25,699,545

24,689,337

25,306,130

23,304,059

Basic earnings per common share

$

0.03

$

0.04

$

0.07

$

0.12

Diluted earnings per common share:

Weighted average common shares outstanding

25,699,545

24,689,337

25,306,130

23,304,059

Dilutive effect:

 

Unvested portion of restricted stock units and awards

807,030

494,969

791,570

532,739

Weighted average diluted common shares outstanding

26,506,575

25,184,306

 

26,097,700

23,836,798

Diluted earnings per common share

$

0.03

$

0.04

$

0.07

$

0.11

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 September 30, 2021 and 2020.

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

2021

  

2020

Unvested service-based restricted stock and restricted stock unit awards

16,666

391,601

262,705

Unvested performance- and market-based restricted stock unit awards

833,111

1,585,703

833,111

1,585,703