EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE Basic earnings per share is calculated by dividing net income for the year by the weighted average number of common shares outstanding for the period. In computing dilutive earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards, including common stock options, RSUs, RSAs and PSUs.

Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data):


	Year Ended December 31,
	2021		2020		2019
Net income for basic and diluted income per common share	$	46,843	$	33,784	$	19,609
Shares:
Weighted-average common shares outstanding – basic	38,474,040		38,060,290		37,428,345
Effect of dilutive securities
RSUs	48,077		10,566		12,416
Stock options	532,972		287,315		140,640
RSAs	14,667		—		—
PSUs	33,694		—		—
Warrants	—		—		12,757
Weighted-average common shares outstanding – diluted	39,103,450		38,358,171		37,594,158

Earnings per common share - basic	$	1.22	$	0.89	$	0.52
Earnings per common share - diluted	$	1.20	$	0.88	$	0.52

As of December 31, 2021, there were 0.4 million options and 35.2 thousand RSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As of December 31, 2020, there were 0.7 million options and 10.9 thousand RSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As of December 31, 2019, there were 0.5 million options and 19.0 thousand RSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive. The Warrants were included in the calculation of the diluted earnings per share for the periods for which they were outstanding; the shares issued in exchange for the Warrants tendered in the Warrants Offer were included in the basic earnings per share beginning on the date the shares were issued. All Warrants ceased to exist after they were tendered in a tender offer during 2019.

As discussed in Note 13, during the third quarter of 2021, the Company’s Board of Directors authorized the Repurchase Program, under which the Company repurchased 341,522 shares of treasury stock for $5.6 million in the year ended December 31, 2021. The effect of these repurchases on the Company’s weighted average shares outstanding for the year ended December 31, 2021 was a reduction of 43,098 shares due to the timing of the repurchases.