EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2022

EARNINGS PER SHARE

The Company presents basic and diluted earnings per share for its common stock. Basic earnings per share is calculated by dividing the net income of the Company by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is determined by adjusting the profit or loss and the weighted average number of shares of common stock outstanding for the effects of all potentially dilutive securities.

The earnings are used as the basis of determining whether the inclusion of common stock equivalents would be anti-dilutive. The computation of diluted shares for the three and six months ended June 30, 2022 and 2021 includes the effect of shares that would be issued in connection with warrants, stock options and restricted stock awards, as these common stock equivalents are dilutive to the earnings per share recorded in those periods. For the three months ended June 30, 2022, there were 900,378 stock option awards and 136,568 restricted stock awards outstanding that were excluded from the calculation of earnings per share as they would be anti-dilutive. For the six months ended June 30, 2022, there were 836,957 stock option awards and 389,831 restricted stock awards outstanding that were excluded from the calculation of earnings per share as they would be anti-dilutive. For the three months ended June 30, 2021, there were 915,507 warrants and 547,310 stock option awards outstanding that were excluded from the calculation of earnings per share as they would be anti-dilutive. For the six months ended June 30, 2021, there were 915,507 warrants and 433,440 stock option awards outstanding that were excluded from the calculation of earnings per share as they would be anti-dilutive.

The following table presents the Company’s basic earnings per share and shares outstanding (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income	$	33,929	$	31,816	$	64,204	$	28,955
Denominator:
Weighted average number of common shares outstanding	180,621		179,843		180,293		179,826
Earnings per common share:
Earnings per common share, basic	$	0.19	$	0.18	$	0.36	$	0.16

The following table presents the Company’s diluted earnings per share and shares outstanding (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income	$	33,929	$	31,816	$	64,204	$	28,955
Denominator:
Weighted average number of common shares outstanding	180,621		179,843		180,293		179,826
Effect of dilutive securities	997		1,194		883		1,149
Weighted average number of common shares outstanding, diluted	181,618		181,037		181,176		180,975
Earnings per common share:
Earnings per common share, diluted	$	0.19	$	0.18	$	0.35	$	0.16