Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE

v3.22.2
EARNINGS (LOSS) PER SHARE
6 Months Ended
Jun. 30, 2022
EARNINGS (LOSS) PER SHARE  
EARNINGS PER SHARE

NOTE 6—EARNINGS (LOSS) PER SHARE

As of June 30, 2022, the Company’s 26,427,635 shares outstanding included 321,142 shares of contingently issued but unvested restricted stock. As of June 30, 2021, the Company’s 25,915,502 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 June 30,

Six Months Ended June 30,

(in thousands, except share data)

  

2022

2021

2022

  

2021

Income (loss) from continuing operations

$

(5,311)

$

2,646

$

(7,338)

$

1,063

Basic income (loss) per common share:

Weighted average common shares outstanding

26,106,493

25,683,258

26,034,907

25,306,130

Basic income (loss) per common share

$

(0.20)

$

0.10

$

(0.28)

$

0.04

Diluted income (loss) per common share:

Weighted average common shares outstanding

26,106,493

25,683,258

26,034,907

25,306,130

Diluted effect:

 

Unvested portion of restricted stock units and awards

753,247

762,961

Weighted average diluted common shares outstanding

26,106,493

26,436,505

 

26,034,907

26,069,091

Diluted income (loss) per common share

$

(0.20)

$

0.10

$

(0.28)

$

0.04

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 June 30, 2022 and 2021.

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

  

2021

Unvested service-based restricted stock and restricted stock unit awards

599,344

623,836

Unvested performance- and market-based restricted stock unit awards

912,675

833,111

912,675

833,111