Earnings Per Common Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Common Share

Note 13—Earnings Per Common Share

Basic and diluted earnings per common share are computed by dividing net income by the weighted-average number of basic and diluted common shares outstanding, respectively. The weighted-average number of diluted common shares includes the impact of dilutive securities, including outstanding stock options, restricted stock units, and performance stock units. The table below reconciles the weighted-average basic and diluted common shares outstanding:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Numerator for basic and diluted earnings per share:
Net income	$	9,540	$	27,644	$	43,758	$	70,935
Denominator:
Weighted average number of common shares outstanding - basic	74,943		74,700		74,983		74,684
Effect of dilutive securities 1	133		77		187		84
Weighted average number of common shares outstanding - diluted	75,076		74,777		75,170		74,768
Basic earnings per share:	$	0.13	$	0.37	$	0.58	$	0.95
Diluted earnings per share:	$	0.13	$	0.37	$	0.58	$	0.95

1.Certain outstanding equity awards are anti-dilutive and therefore excluded from the calculation of the weighted average number of diluted common shares outstanding.

Anti-dilutive outstanding equity awards under share-based compensation plans were as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
	(in thousands)
Anti-dilutive	2,184	2,244	1,788	2,145