Earnings per Share

6 Months Ended

Jun. 30, 2022

8. Earnings per Share

The computational components of basic and diluted earnings per share for the three-month periods ended June 30, are below.


	2022		2021
(table only in thousands) Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	4,385	$	293

Denominator
Basic weighted-average shares outstanding		34,873		35,492
Common stock equivalents arising from stock options and restricted stock awards		168		327
Diluted weighted-average shares outstanding		35,041		35,819

The computational components of basic and diluted earnings per share for the six-month periods ended June 30, are below.


	2022		2021
(table only in thousands) Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	7,180	$	1,474

Denominator
Basic weighted-average shares outstanding		34,962		35,444
Common stock equivalents arising from stock options and restricted stock awards		158		353
Diluted weighted-average shares outstanding		35,120		35,797

Options and restricted stock units included in the computation of diluted earnings per share are calculated using the treasury stock method. For both the three-month periods ended June 30, 2022 and 2021, 1.9 million, and for the six-month periods ended June 30, 2022 and 2021, 2.0 million and 1.7 million, respectively, of outstanding options and restricted stock units were excluded from the computation of diluted earnings per share due to their having an anti-dilutive effect.

Once a restricted stock unit vests, it is included in the computation of weighted average shares outstanding for purposes of basic and diluted earnings per share.

Common Stock Repurchase

On May 10, 2022, the Company's Board of Directors authorized a share repurchase program under which CECO may purchase up to $20.0 million of its outstanding shares of common stock through April 30, 2025. The authorization permits the Company to repurchase shares in the open market, through accelerated share repurchases, block trades, 10b5-1 plans or through privately negotiated transactions in accordance with applicable laws, rules and regulations. Through June 30, 2022, the Company has repurchased and retired approximately 725,000 shares of common stock at a cost of $4.3 million.