Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Note 15 – Earnings Per Share

Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common stock issuable upon the exercise of stock options and other equity instruments and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period. In periods when losses are reported, the weighted-average number of shares outstanding excludes stock equivalents because their inclusion would have an anti-dilutive effect.

The following table sets forth the calculation of basic and diluted earnings per share:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
(in thousands, except per share data)			2020		2019		2020		2019
Net income (loss)		$	(3,407)	$	9,447	$	445	$	23,220
Denominator for basic earnings per share -
	weighted-average number of common
	shares outstanding during the period		36,439		38,426		36,614		39,522
Incremental common shares attributable to
	exercise of dilutive options		—		74		49		75
Incremental common shares attributable
	to outstanding restricted stock units		—		83		200		246
Denominator for diluted earnings per share			36,439		38,583		36,863		39,843
Basic earnings (loss) per share		$	(0.09)	$	0.25	$	0.01	$	0.59
Diluted earnings (loss) per share		$	(0.09)	$	0.24	$	0.01	$	0.58

Potentially dilutive securities totaling 0.3 million shares for the three months ended June 30, 2020 were not included in the computation of diluted loss per share because their effect would have decreased the loss per share. Restricted stock units totaling 0.5 million shares for the six months ended June 30, 2020 were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. Restricted stock units totaling 0.4 million and 0.1 million shares, respectively, for the three and six months ended June 30, 2019 were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.