Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

(9) Earnings (Loss) Per Share

Basic earnings (loss) per share was computed by dividing net income (loss) by the weighted-average number of Common Shares outstanding for each respective period. Diluted earnings (loss) per share was calculated by dividing net income (loss) by the weighted-average of all potentially dilutive Common Shares that were outstanding during the periods presented. However, for all periods in which the Company recognized a net loss, the Company did not recognize the effect of the potential dilutive securities as their inclusion would be anti-dilutive. Potential dilutive shares of 265,335 for the nine months ended September 30, 2020 were excluded from diluted loss per share because the effect would have been anti-dilutive.

Weighted-average Common Shares outstanding used in calculating basic and diluted earnings (loss) per share were as follows:

	Three months ended		Nine months ended
	September 30,		September 30,
	2020	2019	2020	2019
Basic weighted-average Common Shares outstanding	26,956,286	27,369,824	27,046,899	27,928,760
Effect of dilutive shares	266,596	425,687	-	496,484
Diluted weighted-average Common Shares outstanding	27,222,882	27,795,511	27,046,899	28,425,244

There were 755,654 and 578,966 performance-based right to receive Common Shares outstanding at September 30, 2020 and 2019, respectively. The right to receive Common Shares are included in the computation of diluted earnings per share based on the number of Common Shares that would be issuable if the end of the quarter were the end of the contingency period.