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Earnings (Loss) Per Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share

12.Earnings (Loss) Per Share

 

During 2020, we used the two-class method to calculate earnings per share as the unvested restricted stock awards outstanding under our equity incentive plan were participating shares with nonforfeitable rights to dividends. Under the two-class method, we compute earnings per share of Common Stock by dividing the sum of distributed earnings to common stockholders (currently not applicable as we do not pay dividends) and undistributed earnings allocated to common stockholders by the weighted average number of outstanding shares of Common Stock for the period.  In applying the two-class method, we allocate undistributed earnings to both shares of Common Stock and participating securities based on the number of weighted average shares outstanding during the period. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.

 

The following is a reconciliation of the numerator and denominator of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2021 and 2020:

 

(In thousands except per share data)

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations - numerator for earnings (loss) per share

 

$

8,771

 

 

$

17,202

 

 

$

28,716

 

 

$

25,477

 

Income (loss) from discontinued operations - numerator for earnings (loss) per share

 

 

(414

)

 

 

11,309

 

 

 

(1,223

)

 

 

(195,072

)

Net income (loss)

 

 

8,357

 

 

 

28,511

 

 

 

27,493

 

 

 

(169,595

)

Net income allocated to unvested restricted stock

 

 

—

 

 

 

(20

)

 

 

—

 

 

 

—

 

Net income (loss) allocated to shares of Common Stock

 

$

8,357

 

 

$

28,491

 

 

$

27,493

 

 

$

(169,595

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used for basic income (loss) per share

 

 

49,470

 

 

 

48,711

 

 

 

49,361

 

 

 

48,662

 

Effect of dilutive stock options and stock units outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-qualified stock options

 

 

68

 

 

 

8

 

 

 

65

 

 

 

26

 

Restricted stock units

 

 

642

 

 

 

75

 

 

 

743

 

 

 

120

 

Performance-based stock units

 

 

67

 

 

 

—

 

 

 

64

 

 

 

17

 

Market stock units

 

 

210

 

 

 

—

 

 

 

180

 

 

 

—

 

Shares used for diluted income (loss) per share

 

 

50,457

 

 

 

48,794

 

 

 

50,413

 

 

 

48,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.18

 

 

$

0.35

 

 

$

0.58

 

 

$

0.52

 

Discontinued operations

 

$

(0.01

)

 

$

0.23

 

 

$

(0.02

)

 

$

(4.01

)

Net income (loss) (1)

 

$

0.17

 

 

$

0.59

 

 

$

0.56

 

 

$

(3.49

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.17

 

 

$

0.35

 

 

$

0.57

 

 

$

0.52

 

Discontinued operations

 

$

(0.01

)

 

$

0.23

 

 

$

(0.02

)

 

$

(4.00

)

Net income (loss) (1)

 

$

0.17

 

 

$

0.58

 

 

$

0.55

 

 

$

(3.47

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive securities outstanding not included in the computation of earnings per share because their effect is anti-dilutive:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-qualified stock options

 

 

204

 

 

 

235

 

 

 

236

 

 

 

176

 

Restricted stock units

 

 

1

 

 

 

750

 

 

 

5

 

 

 

424

 

Restricted stock awards

 

 

—

 

 

 

32

 

 

 

—

 

 

 

35

 

Performance-based stock units

 

 

—

 

 

 

95

 

 

 

—

 

 

 

47

 

Market-based stock units

 

 

—

 

 

 

49

 

 

 

—

 

 

 

25

 

 

 

 

(1)

Figures may not add due to rounding.

 

Market stock units and performance-based stock units outstanding are considered contingently issuable shares, and certain of these stock units were excluded from the calculations of diluted earnings per share as the performance criteria had not been met as of the end of the applicable reporting period.