Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per ShareThe numerator used in the calculation of both basic and diluted earnings per common share is net income. The denominator used in the calculation of basic earnings per common share is the weighted average number of common shares outstanding during the period. The denominator used in the calculation of diluted earnings per common share is derived by adjusting basic shares outstanding for the dilutive effect of potential common shares outstanding, which consist of time and performance based stock awards and employee stock purchase plan shares.

The following includes the computation of the denominator for basic and diluted weighted-average shares outstanding for the three and nine months ended September 30, 2021 and 2020:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2021	2020	2021	2020

Weighted Average Common Shares Outstanding – Basic	41,504	40,914	41,487	40,548
Effect of Dilutive Securities:
Stock Performance Awards	262	98	209	107
Stock Awards	88	49	82	53
Employee Stock Purchase Plan Shares and Other	15	17	17	25
Dilutive Effect of Potential Common Shares	365	164	308	185
Weighted Average Common Shares Outstanding – Diluted	41,869	41,078	41,795	40,733

The amount of shares excluded from diluted weighted-average common shares outstanding because such shares were anti-dilutive was not material for the three and nine months ended September 30, 2021 and 2020.