EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2021

For the three and six-month periods ended June 30, 2021 and 2020, basic earnings per share was computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Unexercised stock options and unvested restricted share awards, including awards subject to certain performance criteria, are excluded from the basic earnings per share calculation, but are included in the diluted earnings per share calculation using the treasury stock method in periods of net income, as long as their effect is not antidilutive. All potential shares of common stock from unexercised stock options and unvested restricted share awards are antidilutive in periods of net loss.

The following table provides a reconciliation of weighted-average shares used to determine basic and diluted earnings per share:


	For the Three Months Ended				For the Six Months Ended
In thousands, except per share amounts	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Net income (loss)	$	5,780	$	(5,857)	$	10,874	$	(62,278)

Basic weighted-average common shares outstanding	17,575		17,372		17,560		17,354
Effect of dilutive options and restricted stock awards	402		—		363		—
Diluted weighted-average common shares outstanding	17,977		17,372		17,923		17,354

Earnings (loss) per share:
Basic	$	0.33	$	(0.34)	$	0.62	$	(3.59)
Diluted	$	0.32	$	(0.34)	$	0.61	$	(3.59)

For the three and six-month periods ended June 30, 2021, there were 73,464 and 156,709 shares excluded from the computation of diluted earnings per share, respectively. These included antidilutive stock options, antidilutive unvested restricted share awards for which requisite service has not yet been rendered, and antidilutive unvested performance share awards with contingently issuable shares.

For the three and six-month periods ended June 30, 2020, there were 736,944 and 734,756 shares excluded from the computation of diluted earnings per share, respectively. Because the Company had a net loss during the three and six-month periods ended June 30, 2020, the excluded shares included all outstanding, unvested restricted share awards for which requisite service has not yet been rendered, all stock options, and certain unvested performance share awards with contingently issuable shares.

A description of the Company's stock options and restricted share awards is included in Note, 13, "Equity Compensation Plans", in the Notes to Consolidated Financial Statements in Part II, Item 8 - Financial Statements and Supplemental Data of the Company's Annual Report on Form 10-K for the year ended December 31, 2020.