Earnings per Common Share

12 Months Ended

Dec. 31, 2019

Earnings per Common Share

Earnings per Common Share

Note 12 – Earnings per Common Share (sharecounts in thousands)

Basic earnings per share is based on the weighted average number of shares outstanding and excludes the dilutive effect of unvested common stock equivalents. Diluted earnings per share is based on the weighted average number of shares outstanding and includes the dilutive effect of unvested common stock equivalents to the extent they are not anti-dilutive. Because the Company was in a net loss position for the year ended December 31, 2017, diluted net loss per share for this period excludes the effects of common stock equivalents, which are anti-dilutive.

A reconciliation of the shares included in the basic and fully diluted earnings per share calculations is as follows:

	For the year ended December 31,
in thousands, except per share data	2019		2018		2017
Net income (loss)	$	8,789	$	3,846	$	(22,399)
Weighted average common shares outstanding:
Basic		40,050		39,932		39,802
Incremental shares with dilutive effect:
Restricted stock awards		86		114		—
Diluted		40,136		40,046		39,802
Net income (loss) per share:
Basic	$	0.22	$	0.10	$	(0.56)
Diluted	$	0.22	$	0.10	$	(0.56)