Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock - Our authorized capital stock includes common stock of 60,000,000 shares with a par value of $0.01 per share, with 32,034,592 and 31,249,811 shares outstanding as of December 31, 2021 and 2020, respectively.

Preferred Stock - Our authorized capital stock includes preferred stock of 5,000,000 shares with a par value of $0.01 per share, with no shares outstanding as of December 31, 2021 and 2020.

Earnings (Loss) Per Share - Basic earnings (loss) per share is determined by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share presented is determined by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period as determined by the treasury stock method. Potential common shares are included in the diluted earnings per share calculation when dilutive.

Diluted earnings (loss) per share for years ended December 31, 2021, 2020 and 2019 includes the effects of potential common shares when dilutive and is as follows:

	2021		2020		2019
Net income (loss) attributable to common stockholders	$	23,732	$	(37,049)	$	15,778
Weighted average number of common shares outstanding	31,501		30,943		30,602
Dilutive effect of restricted stock grants after application of the treasury stock method	1,289		—		221
Dilutive shares outstanding	32,790		30,943		30,823
Basic earnings (loss) per share attributable to common stockholders	$	0.75	$	(1.20)	$	0.52
Diluted earnings (loss) per share attributable to common stockholders	$	0.72	$	(1.20)	$	0.51

There were no anti-dilutive shares for the year ended December 31, 2021. For the year ended December 31, 2020, diluted earnings (loss) per share excludes 220 thousand shares, of non-vested restricted stock as the effect would have been anti-dilutive.

Dividends — We have not declared or paid any cash dividends in the past. The terms of our Credit Agreement restrict the payment or distribution of our cash or other assets, including cash dividend payments.

Shareholder Rights Plan

On June 23, 2020, the Company’s Board of Directors adopted a limited duration rights plan and declared a dividend distribution of one right (each, a “Right” and together with all other such rights distributed or issued pursuant thereto, the “Rights”) for each outstanding share of common stock, par value $0.01, of the Company, as of July 5, 2020, the record date for such dividend. Each holder of common stock as of the record date received a dividend of one Right per share of common stock. On April 15, 2021, the Company amended the rights plan. Pursuant to the amendment, the final expiration date of the Rights was advanced from June 24, 2021 to April 15, 2021. As a result of the amendment, the Rights are no longer outstanding, thereby resulting in termination of the rights plan.