Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported in the unaudited condensed consolidated balance sheets that totals to the amounts shown in the unaudited condensed consolidated statements of cash flows at the dates indicated (in thousands):


	September 30,		December 31,
	2021		2020

Cash and cash equivalents	$	95,634	$	39,293
Restricted cash:
Collateral for outstanding letters of credit (1)	—		5,144
Captive insurance subsidiary (2)	6,788		7,628
Total cash, cash equivalents and restricted cash shown in the
unaudited condensed consolidated statements of cash flows	$	102,422	$	52,065

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(1)Represents amounts that were previously held in a segregated bank account by Wells Fargo as collateral for outstanding letters of credit. Effective with our entry into the credit agreement (see Note 10), letters of credit are now secured under the credit agreement.

(2)$1.5 million of the restricted cash balance relates to the initial capitalization of our captive insurance company formed in late 2020, and the remainder represents amounts paid to our captive insurance company for insurance premiums.

Schedule of Common Stock Outstanding

The following table reconciles our outstanding common stock for the periods indicated:


						Common
						shares

Balance, January 1, 2021						4,243,716
Vesting of restricted stock unit awards						8,544
Shares withheld to cover taxes upon vesting of restricted stock unit awards						(1,245)
Balance, March 31, 2021						4,251,015
Vesting of restricted stock unit awards						5,700
Vesting of performance share unit awards						2,461
Shares withheld to cover taxes upon vesting of equity awards						(1,798)
Balance, June 30, 2021						4,257,378
Shares sold under at-the-market offering program						86,323
Balance, September 30, 2021						4,343,701

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the calculation of basic and diluted earnings (losses) per share was as follows for the periods indicated (in thousands, except per share data):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Earnings (losses) per share — numerator:
Net earnings (losses)	$	1,546	$	3,073	$	9,063	$	(4,851)

Denominator:
Basic weighted average number of shares outstanding	4,274		4,242		4,258		4,239

Basic earnings (losses) per share	$	0.36	$	0.72	$	2.13	$	(1.14)

Diluted earnings (losses) per share:
Diluted weighted average number of shares outstanding:
Common shares	4,274		4,242		4,258		4,239
Restricted stock unit awards (1)	17		9		16		—
Performance share unit awards (1) (2)	6		2		6		—
Total diluted shares	4,297		4,253		4,280		4,239

Diluted earnings (losses) per share	$	0.36	$	0.72	$	2.12	$	(1.14)

_______________

(1)For the nine months ended September 30, 2020, the effect of the restricted stock unit awards and the performance share awards on losses per share is anti-dilutive.

(2)The dilutive effect of performance share awards are included in the calculation of diluted earnings per share when the performance share award performance conditions have been achieved.