Earnings Per Share

6 Months Ended

Jun. 30, 2022

(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, 2022 and 2021 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, 2022					Three Months Ended June 30, 2021
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	88,790	17,581	$	5.05	$	(19,951)	12,190	$	(1.64)
Dilutive Securities:
Performance Based Stock Unit Awards			171					—
RSU Awards			128					—
Stock Option Awards			58					—
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	88,790	17,938	$	4.95	$	(19,951)	12,190	$	(1.64)


	Six Months Ended June 30, 2022					Six Months Ended June 30, 2021
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	24,535	17,146	$	1.43	$	8,429	12,110	$	0.70
Dilutive Securities:
Performance Based Stock Unit Awards			142					—
RSU Awards			188					269
Stock Option Awards			30					—
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	24,535	17,506	$	1.40	$	8,429	12,379	$	0.68

There were no antidilutive stock options for the three months ended June 30, 2022, while 0.3 million stock options to purchase shares were not included in the computation of Diluted EPS for the three months ended June 30, 2021 because they were antidilutive. Less than 0.1 million and 0.3 million stock options to purchase shares were not included in the computation of Diluted EPS for the six months ended June 30, 2022 and 2021, respectively, because they were antidilutive.

Less than 0.1 million antidilutive shares 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, 2022, because they were antidilutive. Furthermore, less than 0.1 million antidilutive shares 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 because they were antidilutive due to the net loss. Less than 0.1 million and 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, 2022 and 2021, respectively, because they were antidilutive.

There were no antidilutive shares of PSUs that could be converted to common shares for both the three months ended June 30, 2022 and 2021. There were no antidilutive shares of PSUs for the six months ended June 30, 2022, while 0.1 million shares of PSUs 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