Earnings Per Share

12 Months Ended

Dec. 31, 2021

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:


	Year Ended December 31,
	2021		2020		2019
Net income (loss) from continuing operations	$	62,987	$	(23,718)	$	41,979
Loss from discontinued operations, net of tax	—		(122)		(236)
Net income (loss)	$	62,987	$	(23,840)	$	41,743

Weighted average common shares outstanding—basic	21,439		21,882		21,993
Weighted average common stock equivalents	370		—		514
Weighted average common shares outstanding—diluted	21,809		21,882		22,507

Net earnings (loss) per basic share:
Net income (loss) from continuing operations	$	2.94	$	(1.08)	$	1.91
Loss from discontinued operations, net of tax	—		(0.01)		(0.01)
Net income (loss)	$	2.94	$	(1.09)	$	1.90

Net earnings (loss) per diluted share:
Net income (loss) from continuing operations	$	2.89	$	(1.08)	$	1.87
Loss from discontinued operations, net of tax	—		(0.01)		(0.02)
Net income (loss)	$	2.89	$	(1.09)	$	1.85

The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above at December 31, 2021 and 2020 were 0.1 million and 1.1 million, respectively, and related to unvested restricted stock. The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above at December 31, 2019 were 3.1 million and related to the warrants sold in conjunction with the issuance of our convertible senior notes.

As of December 31,

In November 2020, our board of directors authorized a share repurchase program (the “2020 Share Repurchase Program”) permitting us to repurchase up to $50 million of our common stock through December 31, 2021. The 2020 Share Repurchase Program was authorized subsequent to the expiration of our prior share repurchase program (the “2015 Share Repurchase Program”) on October 31, 2020. The 2015 Share Repurchase Program permitted us to repurchase up to $125 million of our common stock through October 31, 2020. During the third

quarter of 2021, our board of directors authorized an extension of the 2020 Share Repurchase Program through December 31, 2022 and

increased the authorized amount from $50 million to $100 million.The amount and timing of repurchases under our share repurchase

programs is determined by management and depends 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. All shares repurchased and retired are reflected as a reduction to our basic weighted average shares outstanding based on the trade date of the share repurchase.

During 2021, we repurchased and retired 1,265,261 shares for $64.8 million under the 2020 Share Repurchase Program, including 3,820 shares for $0.2 million which settled in the first quarter of 2022. During 2020, we repurchased and retired 313,998 shares for $20.9 million under the 2015 Share Repurchase Program and 111,166 shares for $5.0 million under the 2020 Share Repurchase Program. Additionally, during 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. In 2019, we repurchased and retired 210,437 shares for $14.2 million under the 2015 Share Repurchase Program, including the 18,000 shares

for $1.2 million which settled in the first quarter of 2020. As of December 31, 2021, $30.2 million remains available under the plan for share repurchases.