Earnings Per Share

9 Months Ended

Sep. 30, 2021

Basic earnings per common share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed using the weighted average number of common shares outstanding during the period plus any potentially dilutive common shares, such as stock options, restricted stock units, and performance-based units calculated using the treasury stock method. Total anti-dilutive shares excluded from the diluted earnings per share were 2,610 and 2,400 for the three and nine months ended September 30, 2021, and 34,379 and 20,202 for the three and nine months ended September 30, 2020.

Our Credit Agreement (as defined below) restricts the payment of dividends or other distributions to our shareholders by us or any of our subsidiaries. See Note K - “Debt and Other Obligations” within these condensed consolidated financial statements.

The reconciliation of the numerators and denominators used to calculate basic and diluted net income per share are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands except share and per share amounts)	2021		2020		2021		2020
Net income	$	21,117	$	6,815	$	27,946	$	22,121

Weighted average shares outstanding - basic	38,730,468		38,133,598		38,550,307		37,878,753
Effect of potentially dilutive restricted stock units and options	510,506		503,938		688,063		613,212
Weighted average shares outstanding - diluted	39,240,974		38,637,536		39,238,370		38,491,965

Basic income per share	$	0.55	$	0.18	$	0.72	$	0.58

Diluted income per share	$	0.54	$	0.18	$	0.71	$	0.57