Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is based on the weighted average number of shares outstanding during each period and the exercise of potentially dilutive stock options assumed to be purchased from the proceeds using the average market price of the Company’s stock for each of the periods presented as well as the potentially dilutive restricted stock, restricted stock units, and performance stock units.

Basic and diluted earnings (loss) per common share was computed as follows:


	Three Months Ended September 30, 2021					Three Months Ended September 30, 2020
	Net Loss		Average Shares Outstanding	Loss Per Share		Net Loss		Average Shares Outstanding	Loss Per Share
	(in thousands, except share and per share amounts)
Basic	$	(16,051)	30,449,286	$	(0.53)	$	(18,502)	29,849,753	$	(0.62)
Assumed exercise of stock options	—		—	—		—		—	—
Unvested restricted stock and stock units	—		—	—		—		—	—
Diluted	$	(16,051)	30,449,286	$	(0.53)	$	(18,502)	29,849,753	$	(0.62)


	Nine Months Ended September 30, 2021					Nine Months Ended September 30, 2020
	Net Loss		Average Shares Outstanding	Loss Per Share		Net Loss		Average Shares Outstanding	Loss Per Share
	(in thousands, except share and per share amounts)
Basic	$	(48,827)	30,252,670	$	(1.61)	$	(343,573)	29,708,673	$	(11.56)
Assumed exercise of stock options	—		—	—		—		—	—
Unvested restricted stock and stock units	—		—	—		—		—	—
Diluted	$	(48,827)	30,252,670	$	(1.61)	$	(343,573)	29,708,673	$	(11.56)

The diluted earnings (loss) per share calculation excludes all stock options, unvested restricted stock, unvested restricted stock units, and unvested performance stock units for the three and nine months ended September 30, 2021 and 2020 because their inclusion would be anti-dilutive given the Company was in a net loss position. The average number of securities that were excluded from diluted earnings (loss) per share that would potentially dilute earnings (loss) per share for the periods in which the Company experienced a net loss were as follows:


	2021	2020
Three months ended September 30,	719,381	723,608
Nine months ended September 30,	692,689	700,417