Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Basic weighted average common shares outstanding		35,181,262		35,029,175		35,199,221		34,914,989
Effect of dilutive securities - equity compensation awards		192,932		—		271,080		640,088
Diluted weighted average common shares outstanding		35,374,194		35,029,175		35,470,301		35,555,077

Equity compensation awards 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 1,183,503 and 988,832 common shares were excluded from the diluted weighted average common shares outstanding for the three and nine months ended September 30, 2022, respectively. Anti-dilutive equity instruments of 386,178 common shares were excluded from the diluted weighted average common shares outstanding for the nine months ended September 30, 2021. Due to the net loss incurred during the three months ended September 30, 2021, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the diluted net income (loss) per share calculations for those periods.

No cash dividends were declared or paid during the three and nine months ended September 30, 2022 and 2021.