Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

14.Earnings Per Share

Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted earnings per share is based on the weighted average number of common shares outstanding as well as the effect of all dilutive common stock equivalents during each period net income is generated. For the three months ended June 30, 2021 and 2020, the Company had 893,604 and 1,117,301 securities, respectively, that were potentially dilutive in earnings per share calculations. For the six months ended June 30, 2021 and 2020, the Company had 904,486 and 1,287,763 securities, respectively, that were potentially dilutive in earnings per share calculations. Such dilution is dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method.  The exercise price for certain stock

options awarded by the Company exceeded the average market price of the Company’s common stock for the three and six months ended June 30, 2021 and 2020. Such stock options are antidilutive and are not included in the computation of earnings per share for those periods.

The following table reconciles the denominators used in the computations of both basic and diluted earnings per share:

	Three months ended June 30,		Six months ended June 30,
	2021	2020	2021	2020
Basic:
Weighted average shares outstanding	30,671,952	30,031,188	30,569,284	29,842,298
Diluted:
Total basic weighted average shares outstanding	30,671,952	30,031,188	30,569,284	29,842,298
Effect of potentially dilutive securities:
Common stock options	30,199	—	32,385	—
Total weighted average shares outstanding assuming dilution	30,702,151	30,031,188	30,601,669	29,842,298