EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2022

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

NOTE 7—EARNINGS (LOSS) PER SHARE

As of September 30, 2022, the Company’s 26,422,761 shares outstanding included 321,142 shares of contingently issued but unvested restricted stock. As of September 30, 2021, the Company’s 25,915,502 shares outstanding included 215,956 shares

of contingently issued but unvested restricted stock. Restricted stock is excluded from the calculation of basic weighted average shares outstanding, but its impact, if dilutive, is included in the calculation of diluted weighted average shares outstanding.

Basic earnings per common share are calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings per common share are based on the weighted average common shares outstanding during the period, adjusted for the potential dilutive effect of common shares that would be issued upon the vesting and release of restricted stock awards and units and stock options, if any.

Basic and diluted earnings per common share from continuing operations were calculated as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share data)	2022		2021		2022		2021
Income (loss) from continuing operations	$	3,610	$	794	$	(3,728)	$	1,857
Basic income (loss) per common share:
Weighted average common shares outstanding		26,102,308		25,699,545		26,009,465		25,306,130
Basic income (loss) per common share	$	0.14	$	0.03	$	(0.14)	$	0.07
Diluted income (loss) per common share:
Weighted average common shares outstanding		26,102,308		25,699,545		26,009,465		25,306,130
Diluted effect:
Unvested portion of restricted stock units and awards		335,373		807,030		—		791,570
Weighted average diluted common shares outstanding		26,437,681		26,506,575		26,009,465		26,097,700
Diluted income (loss) per common share	$	0.14	$	0.03	$	(0.14)	$	0.07

The weighted average number of shares outstanding used in the computation of basic and diluted earnings per common share does not include the effect of the following potential outstanding common stock. The effects of the potentially outstanding service-based restricted stock and restricted stock unit awards were not included in the calculation of diluted earnings per common share because the effect would have been anti-dilutive. The effects of the potentially outstanding performance- and market-based restricted stock unit awards were not included in the calculation of diluted earnings per common share because the performance and/or market conditions had not been satisfied as of September 30, 2022 and 2021.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Unvested service-based restricted stock and restricted stock unit awards	573,517	16,666	229,102	—
Unvested performance- and market-based restricted stock unit awards	887,559	833,111	887,559	833,111