Earnings (Loss) per Common Share

9 Months Ended

Sep. 30, 2021

Earnings (Loss) per Common Share [Abstract]

Earnings (Loss) per Common Share

15. Earnings (Loss) per Common Share

The following table sets forth the computation of basic and diluted loss per common share (in thousands, except per share data): 

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Basic income (loss) per common share	2021		2020		2021		2020
Net income (loss)	$	10,582	$	(2,870)	$	5,266	$	(13,224)
Net (income) loss allocated to participating securities		(63)		20		(34)		93
Net income (loss) allocated to common shareholders	$	10,519	$	(2,850)	$	5,232	$	(13,131)
Basic weighted-average common shares outstanding		39,086		37,912		38,924		37,608
Basic income (loss) per common share	$	0.27	$	(0.08)	$	0.13	$	(0.35)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Diluted income (loss) per common share	2021		2020		2021		2020
Net income (loss)	$	10,582	$	(2,870)	$	5,266	$	(13,224)
Net (income) loss allocated to participating securities		(55)		20		(34)		93
Net loss attributable to convertible senior notes		919		--		--		--
Net income (loss) allocated to common shareholders	$	11,446	$	(2,850)	$	5,232	$	(13,131)
Basic weighted-average common shares outstanding		39,086		37,912		38,924		37,608
Effect of dilutive stock options and awards		505		--		572		--
Effect of convertible senior notes		4,862		--		--		--
Diluted weighted-average common shares outstanding		44,453		37,912		39,496		37,608
Diluted income (loss) per common share	$	0.26	$	(0.08)	$	0.13	$	(0.35)

We excluded stock options from the calculation of diluted weighted-average common shares outstanding if the per share value, including the sum of (i) the exercise price of the options and (ii) the amount of the compensation cost attributed to future services and not yet recognized, was greater than the average market price of the shares because the inclusion of these stock options would be antidilutive to loss per common share. For the three and nine months ended September 30, 2021 539,000 and 517,000 of potential common shares relating to stock options, respectively, were antidilutive and excluded from the calculation of diluted weighted-average common shares outstanding. For the three and nine months ended September 30, 2020 all stock options and awards were excluded from the calculation of diluted weighted-average common shares outstanding as these would be antidilutive due to the net loss. We excluded 4,860,685 of potential common shares related to our Convertible Senior Notes calculated under the if-converted method, as these shares would be antidilutive for the nine months ended September 30, 2021.