Earnings Per Share

6 Months Ended

Jun. 30, 2020

Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted earnings per share reflects the potential reduction in earnings per share that could occur if securities or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. Such securities or other contracts include unvested restricted stock awards, outstanding common stock options, convertible senior notes, and outstanding warrants, to the extent dilutive. In periods for which we report a net loss from continuing operations, diluted weighted average common shares outstanding excludes all potential common stock equivalents as their impact on diluted net loss from continuing operations per share would be anti-dilutive. Earnings (loss) per share under the basic and diluted computations are as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Net income (loss) from continuing operations	$	13,572		$	10,569		$	(28,701	)	$	13,919
Income (loss) from discontinued operations, net of tax	(25		)	(97		)	(60		)	(143		)
Net income (loss)	$	13,547		$	10,472		$	(28,761	)	$	13,776

Weighted average common shares outstanding – basic	21,869			21,997			21,848			21,933
Weighted average common stock equivalents	247			403			—			423
Weighted average common shares outstanding – diluted	22,116			22,400			21,848			22,356

Net earnings (loss) per basic share:
Net income (loss) from continuing operations	$	0.62		$	0.48		$	(1.31	)	$	0.63
Income (loss) from discontinued operations, net of tax	—			—			(0.01		)	—
Net income (loss)	$	0.62		$	0.48		$	(1.32	)	$	0.63

Net earnings (loss) per diluted share:
Net income (loss) from continuing operations	$	0.61		$	0.47		$	(1.31	)	$	0.62
Income (loss) from discontinued operations, net of tax	—			—			(0.01		)	—
Net income (loss)	$	0.61		$	0.47		$	(1.32	)	$	0.62

The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above were as follows:



	As of June 30,
	2020	2019
Unvested restricted stock awards	58	—
Convertible senior notes	—	3,129
Warrants related to the issuance of convertible senior notes	—	3,129
Total anti-dilutive securities	58	6,258

See Note 7 “Financing Arrangements” for further information on the convertible senior notes and warrants related to the issuance of convertible notes.

We currently have a share repurchase program permitting us to repurchase up to $125 million of our common stock through October 31, 2020 (the “Share Repurchase Program”). The amount and timing of the repurchases will be determined by management and will depend on a variety of factors, including the trading price of our common stock, capacity under our credit facility, general market and business conditions, and applicable legal requirements. In the first quarter of 2020, we repurchased and retired 313,998 shares for $20.9 million. The 313,998 shares repurchased and retired in the first quarter of 2020 were reflected as a reduction to our basic weighted average shares outstanding for the quarter ended March 31, 2020 based on the trade date of the share repurchase. Additionally, in the first quarter of 2020, we settled the repurchase of 18,000 shares for $1.2 million that were accrued as of December 31, 2019. These shares were reflected as a reduction to our basic weighted average shares outstanding in the fourth quarter of 2019 based on the trade date of the share repurchase. No shares were

repurchased during the second quarter of 2020 nor were any shares repurchased during the first six months of 2019. As of June 30, 2020, less than $0.1 million remains available for share repurchases.