Earnings Per Share

9 Months Ended

Sep. 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 September 30, 2021 and 2020, the Company had 793,028 and 1,086,882 securities, respectively, that were potentially dilutive in earnings per share calculations. For the nine months ended September 30, 2021 and 2020, the Company had 866,925 and 1,220,314 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 nine months ended September 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 September 30,		Nine months ended September 30,
	2021	2020	2021	2020
Basic:
Weighted average shares outstanding	30,979,207	30,372,310	30,707,426	30,020,258
Diluted:
Total basic weighted average shares outstanding	30,979,207	30,372,310	30,707,426	30,020,258
Effect of potentially dilutive securities:
Common stock options	—	—	—	—
Total weighted average shares outstanding assuming dilution	30,979,207	30,372,310	30,707,426	30,020,258