EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2021

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

6. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period.

For periods of net income, and when the effects are not anti-dilutive, we calculate diluted earnings (loss) per share by dividing net income available to common shareholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options, shares to be purchased under our Employee Stock Purchase Plan (“ESPP”), unvested restricted stock awards, and stock purchase warrants, using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share.

Our unvested restricted shares contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic and diluted earnings (loss) per share excludes from the numerator net income (but not net loss) attributable to the unvested restricted shares, and excludes the impact of those shares from the denominator.

Earnings (loss) per share for the three and six months ended June 30, 2021 and 2020 are calculated for basic and diluted earnings (loss) per share as follows:

	Basic				Diluted				Basic				Diluted
(in thousands, except per share amounts)	Three Months Ended June 30,				Three Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020		2021		2020		2021		2020
Net loss	$	(14,106)	$	(12,336)	$	(14,106)	$	(12,336)	$	(14,020)	$	(19,347)	$	(14,020)	$	(19,347)
Net income allocated to restricted stock		—		—		—		—		—		—		—		—
Net loss allocated to common shares	$	(14,106)	$	(12,336)	$	(14,106)	$	(12,336)	$	(14,020)	$	(19,347)	$	(14,020)	$	(19,347)
Basic Weighted-Average Shares Outstanding		12,085		11,967		12,085		11,967		12,045		11,935		12,045		11,935
Dilutive effect of stock options and ESPP						—		—						—		—
Diluted Weighted-Average Shares Outstanding						12,085		11,967						12,045		11,935
Loss per share	$	(1.17)	$	(1.03)	$	(1.17)	$	(1.03)	$	(1.16)	$	(1.62)	$	(1.16)	$	(1.62)

The number of anti-dilutive shares, which have been excluded from the computation of diluted earnings (loss) per share, was 1.7 million and 1.0 million for the three months ended June 30, 2021 and 2020, and was 1.7 million and 1.4 million for the six months ended June 30, 2021 and 2020, respectively. For the three and six months ended June 30, 2021 and 2020, all potentially dilutive shares were anti-dilutive and excluded from the calculation of diluted loss per share because we recognized a net loss.