Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2020

Earnings (loss) per share was calculated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per-share amounts)	2020		2019		2020		2019
BASIC
Net income (loss)	$	6,168	$	2,669	$	26,414	$	(3,397)
Weighted-average common shares outstanding	13,928		13,894		13,935		13,861
Basic earnings (loss) per share	$	0.44	$	0.19	$	1.90	$	(0.25)

DILUTED
Net income (loss)	$	6,168	$	2,669	$	26,414	$	(3,397)
Weighted-average common shares outstanding for basic	13,928		13,894		13,935		13,861
Dilutive effect of stock options, restricted stock and common stock warrants	277		276		254		—
Weighted-average common shares outstanding on a diluted basis	14,205		14,170		14,189		13,861
Diluted earnings (loss) per share	$	0.43	$	0.19	$	1.86	$	(0.25)

The following number of stock options, shares of restricted stock and common stock warrants were excluded from the computation of diluted earnings per common share as their inclusion would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands)	2020	2019	2020	2019
Stock options	511	382	494	436
Restricted stock awards	—	9	18	89
Performance-based warrants	275	175	275	175