Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2022

14. Net Income (Loss) Per Share

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


	Three Months Ended March 31,
	2022		2021
Basic weighted average common shares outstanding		35,131,889		34,809,725
Effect of dilutive securities - stock awards		434,046		—
Diluted weighted average common shares outstanding		35,565,935		34,809,725

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 income, and accordingly, are excluded from diluted weighted average common shares outstanding. Anti-dilutive equity instruments of 588,050 common shares were excluded from the computation of diluted net earnings per share for the three months ended March 31, 2022. Due to the net loss incurred during the three months ended March 31, 2021, the assumed exercise of all equity instruments were anti-dilutive and, therefore, not included in the diluted weighted average common shares outstanding for the period.

No cash dividends were declared or paid during the three months ended March 31, 2022 and 2021.