Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2021

15. Net Income (Loss) Per Share

The following is a reconciliation of the weighted average common shares outstanding used to compute basic and diluted net income (loss) per share:


	2021		2020		2019
Basic weighted average common shares outstanding		34,903,189		34,691,063		35,487,358
Effect of dilutive securities - stock awards		549,366		—		154,442
Diluted weighted average common shares outstanding		35,452,555		34,691,063		35,641,800

Equity incentive instruments for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net earnings, and accordingly, are excluded from diluted weighted average common shares outstanding. Anti-dilutive equity instruments of 358,706 and 1,527,645 common shares were excluded from the computation of diluted net earnings per share for the years ended December 31, 2021 and 2019, respectively. Due to the net loss during the year ended December 31, 2020, the assumed exercise of all equity incentive instruments was anti-dilutive and, therefore, not included in the diluted loss per share calculation for this period.