Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share

Earnings Per Share

9. Earnings Per Share

The following table sets out earnings per share of common stock:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	(in thousands, except shares and per share data)				(in thousands, except shares and per share data)
Net income (loss)	$	246	$	(15,685)	$	29,215	$	8,102
Weighted average common shares outstanding:
Basic		25,388,630		25,492,274		25,473,006		24,654,722
Common Share equivalents		655,050		—		660,658		729,796
Diluted		26,043,680		25,492,274		26,133,664		25,384,518
Earnings per share:
Basic	$	0.01	$	(0.62)	$	1.15	$	0.33
Diluted	$	0.01	$	(0.62)	$	1.12	$	0.32

Common share equivalents relate primarily to outstanding stock options, RSUs and PSUs under the 2019 Plan and unpurchased shares under the 2019 ESPP and are calculated using the treasury stock method. For the three months ended September 30, 2020, there were 761,337 common share equivalents excluded from the calculation of diluted earnings per share as their effects were anti-dilutive due to the net loss reported in this period.