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, 2022
EARNINGS (LOSS) PER SHARE  
EARNINGS PER SHARE

NOTE 6—EARNINGS (LOSS) PER SHARE

As of March 31, 2022, the Company’s 26,231,515 shares outstanding included 321,142 shares of contingently issued but unvested restricted stock. As of March 31, 2021, the Company’s 25,896,001 shares outstanding included 215,956 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 March 31,

(in thousands, except share data)

  

2022

2021

Loss from continuing operations

$

(2,027)

$

(1,583)

Basic loss per common share:

Weighted average common shares outstanding

25,838,562

24,933,894

Basic loss per common share

$

(0.08)

$

(0.06)

Diluted loss per common share:

Weighted average common shares outstanding

25,838,562

24,933,894

Diluted effect:

Unvested portion of restricted stock units and awards

Weighted average diluted common shares outstanding

25,838,562

24,933,894

Diluted loss per common share

$

(0.08)

$

(0.06)

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, 2022 and 2021.

Three Months Ended March 31,

2022

2021

Unvested service-based restricted stock and restricted stock unit awards

281,243

1,476,645

Unvested performance- and market-based restricted stock unit awards

1,923,002

1,023,740