Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income (loss) from continuing operations	$	11,087	$	13,706	$	(17,614)	$	27,625
Loss from discontinued operations, net of tax	(29)		(52)		(89)		(195)
Net income (loss)	$	11,058	$	13,654	$	(17,703)	$	27,430

Weighted average common shares outstanding – basic	21,905		22,052		21,868		21,973
Weighted average common stock equivalents	270		509		—		452
Weighted average common shares outstanding – diluted	22,175		22,561		21,868		22,425

Net earnings (loss) per basic share:
Net income (loss) from continuing operations	$	0.50	$	0.62	$	(0.81)	$	1.26
Loss from discontinued operations, net of tax	—		—		—		(0.01)
Net income (loss)	$	0.50	$	0.62	$	(0.81)	$	1.25

Net earnings (loss) per diluted share:
Net income (loss) from continuing operations	$	0.50	$	0.61	$	(0.81)	$	1.23
Loss from discontinued operations, net of tax	—		—		—		(0.01)
Net income (loss)	$	0.50	$	0.61	$	(0.81)	$	1.22

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


	As of September 30,
	2020	2019
Unvested restricted stock awards	59	—

Convertible senior notes	—	3,129
Warrants related to the issuance of convertible senior notes	—	3,129
Total anti-dilutive securities	59	6,258

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

As of September 30, 2020, we had a share repurchase program permitting us to repurchase up to $125 million of our common stock through October 31, 2020 (the “Share Repurchase Program”). 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 or third quarters of 2020 nor were any shares repurchased during the first nine months of 2019. As of September 30, 2020, less than $0.1 million remained available for share repurchases. The Share Repurchase Program expired on October 31, 2020.