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

	Three Months Ended March 31,
	2021		2020
Basic weighted average common shares outstanding		34,809,725		35,135,525
Effect of dilutive securities - stock awards		—		—
Diluted weighted average common shares outstanding		34,809,725		35,135,525

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. Due to the net loss incurred during the three months ended March 31, 2021 and 2020, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the diluted weighted average common shares outstanding for those periods.

No cash dividends were declared or paid during the three months ended March 31, 2021 and 2020.