Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock — Our authorized capital stock consists of 60,000,000 shares of common stock with a par value of $0.01 per share; of which, 32,447,768 and 32,034,592 shares were issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.

Preferred Stock — Our authorized capital stock also consists of 5,000,000 shares of preferred stock with a par value of $0.01 per share. No preferred shares were outstanding as of June 30, 2022 and December 31, 2021.

Earnings Per Share - Basic earnings per share is determined by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings 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 per share for the three and six months ended June 30, 2022 and 2021 includes the effect of potential common shares issuable when dilutive, and is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	2,485	$	5,095	$	6,467	$	13,585
Weighted average number of common shares outstanding (in '000s)	32,237		31,458		32,152		31,361
Dilutive effect of restricted stock grants after application of the Treasury Stock Method (in '000s)	802		1,216		857		1,293
Dilutive shares outstanding	33,039		32,674		33,009		32,654
Basic earnings per share	$	0.08	$	0.16	$	0.20	$	0.43
Diluted earnings per share	$	0.08	$	0.16	$	0.20	$	0.42

There were 19 thousand outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the three months ended June 30, 2022 and no outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the three months ended June 30, 2021. There were 21 thousand outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the six months ended June 30, 2022 and no outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the six months ended June 30, 2021.