Earnings per Share

6 Months Ended

Jun. 30, 2022


NOTE 8 — EARNINGS PER SHARE

Earnings per share ("EPS") is presented on both a basic and diluted basis. Basic EPS is based on the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock.

A reconciliation of the common shares used in the denominator for computing basic and diluted EPS is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2022		2021		2022		2021
Weighted average common shares outstanding, used in computing basic earnings per share	62,554		66,327		63,409		66,345
Effect of dilutive stock options and restricted stock units	141		460		245		513
Weighted average common shares outstanding, used in computing diluted earnings per share	62,695		66,787		63,654		66,858
Earnings per share:
Basic	$	0.11	$	0.61	$	1.17	$	1.46
Diluted	$	0.11	$	0.61	$	1.16	$	1.44

Stock options, service-based restricted stock units, and performance-based restricted stock units representing 2,060,703 and 611,143 shares of common stock for the three months ended June 30, 2022 and 2021, respectively, and 1,709,085 and 793,051 shares of common stock for the six months ended June 30, 2022 and 2021, respectively, were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.