Earnings per share

12 Months Ended

Dec. 31, 2021

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Earnings Per Share [Text Block]

NOTE 16 - EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted earnings per share is similarly computed except that the denominator includes the effect, using the treasury stock method, of unvested equity-based employee awards, convertible notes and shares held pursuant to our non-employee director deferred compensation plan, if including such potential shares of common stock is dilutive.

The following table presents our weighted average basic and diluted shares outstanding for the periods presented:

	Year Ended December 31,
	2021	2020	2019
	(in thousands)
Weighted average common shares outstanding - basic	98,546	98,251	64,032
Dilutive effect of:
RSUs and PSUs	1,596	—	—
Other equity-based awards	12	—	—
Weighted average common shares and equivalents outstanding - diluted	100,154	98,251	64,032

We reported a net loss for the years ended December 31, 2020 and 2019. As a result, our basic and diluted weighted average common shares outstanding were the same for those periods because the effect of the common share equivalents was anti-dilutive.

The following table presents the weighted average common share equivalents excluded from the calculation of diluted earnings per share due to their anti-dilutive effect for the periods presented:

	Year Ended December 31,
	2021	2020	2019
	(in thousands)
Weighted average common share equivalents excluded from diluted earnings per share due to their anti-dilutive effect:
RSUs and PSUs	28	1,707	989
Other equity-based awards	116	229	302
Total anti-dilutive common share equivalents	144	1,936	1,291

When outstanding, the 2021 Convertible Notes gave the holders, at our election, the right to convert the aggregate principal amount into 2.3 million shares of our common stock at a conversion price of $85.39 per share. The 2021 Convertible Notes were not included in the diluted earnings per share calculation using the treasury stock method for any periods presented as the average market price of our common stock did not exceed the conversion price. Further, the 2021 Convertible Notes were fully retired on the maturity date, September 15, 2021.