Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2020

EARNINGS (LOSS) PER SHARE

Earnings (loss) per share computations are based upon the following table:


(In thousands, except per share data)	2020		2019		2018
Net (Loss) Income	$	(115,781)	$	52,017	$	46,803
Basic Earnings Weighted Average Shares	30,795		32,028		32,351
Net Effect of Dilutive Stock Options	—		431		785
Diluted Earnings Weighted Average Shares	30,795		32,459		33,136
Basic (Loss) Earnings Per Share	$	(3.76)	$	1.62	$	1.45
Diluted (Loss) Earnings Per Share	$	(3.76)	$	1.60	$	1.41

The above information has been adjusted to reflect the impact of the three-for-twenty distribution of Class B Stock for shareholders of record on October 12, 2018.

Stock options with exercise prices greater than the average market price of the underlying common shares are excluded from the computation of diluted earnings per share because they are out-of-the-money and the effect of their inclusion would be anti-dilutive. The number of common shares excluded from the computation was approximately 0.8 million for the year ended December 31, 2020, 0.5 million for the year ended December 31, 2019, and 0.2 million for the year ended December 31, 2018.