Earnings Per Share

6 Months Ended

Jun. 30, 2021

(5) Earnings Per Share

Basic earnings per share (“Basic EPS”) has been computed using the weighted-average number of common shares outstanding during each period. Diluted earnings per share (“Diluted EPS”) assumes, as of the beginning of the period, exercise of stock options and RSU grants using the treasury stock method. Diluted EPS also assumes conversion of PSUs to common shares based on the number of shares (if any) that would be issuable, according to predetermined performance and market goals, if the end of the reporting period was the end of the performance period. Certain of our stock options and RSU grants that would potentially dilute Basic EPS in the future were also antidilutive for the three and six months ended June 30, 2021 and 2020 are discussed below.

The following is a reconciliation of the numerators and denominators used in the calculation of Basic EPS and Diluted EPS for the periods indicated below (in thousands, except per share amounts):


	Three Months Ended June 30, 2021					Three Months Ended June 30, 2020
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	(19,951)	12,190	$	(1.64)	$	(305,976)	11,910	$	(25.69)
Dilutive Securities:

RSU Awards			—					—

Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	(19,951)	12,190	$	(1.64)	$	(305,976)	11,910	$	(25.69)


	Six Months Ended June 30, 2021					Six Months Ended June 30, 2020
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	8,429	12,110	$	0.70	$	(311,834)	11,868	$	(26.28)
Dilutive Securities:

RSU Awards			269					—

Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	8,429	12,379	$	0.68	$	(311,834)	11,868	$	(26.28)

Approximately 0.3 million stock options to purchase shares were not included in the computation of Diluted EPS for both the three months ended June 30, 2021 and 2020 because they were antidilutive due to the net loss, while 0.3 million stock options to purchase shares were not included in the computation of Diluted EPS for the six months ended June 30, 2021 because they were antidilutive, while 0.3 million stock options to purchase shares were not included for the six months ended June 30, 2020 because they were antidilutive due to the net loss.

Less than approximately 0.1 million and 0.2 million of RSUs that could be converted to common shares were not included in the computation of Diluted EPS for the three months ended June 30, 2021 and 2020, respectively, because they were antidilutive due to the net loss, while 0.1 million of RSUs that could be converted to common shares were not included in the computation of Diluted EPS for the six months ended June 30, 2021 because they were antidilutive while 0.2 million of RSUs that could be converted to common shares were not included in the computation of Diluted EPS for the six months ended June 30, 2020 because they were antidilutive due to the net loss.

There were no antidilutive shares of PSUs that could be converted to common shares for the three months ended June 30, 2021, while approximately 0.1 million shares of PSUs were not included for the three months ended June 30, 2020 because they were antidilutive due to the net loss, while 0.1 million shares of PSUs were not included for the six months ended June 30, 2021 because they were antidilutive, while 0.1 million shares of PSUs were not included for the six months ended June 30, 2020 because they were antidilutive due to the net loss.