EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2021

The Company issues RSUs, which represent the right to receive, upon vesting, one share of the Company's common stock. The number of potentially dilutive shares related to RSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the vesting period. The Company issues PSUs, which represent the right to receive, upon settlement of the PSUs, a number of shares of the Company's common stock that ranges from zero to two times the number of PSUs granted on the award date. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the performance period applicable to such PSUs. The Company issued stock options and warrants, which both represent the right to purchase the Company's common stock at a specified price. The number of potentially dilutive shares related to the stock options and warrants is based on the number of shares, if any, that would be exercisable at the end of the respective reporting period, assuming that date was the end of such stock options' or warrants' term.

Please refer to Note 7 - Stock-Based Compensation for additional discussion.

The Company uses the treasury stock method to calculate earnings per share as shown in the following table (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income (loss)	$	(25,319)	$	(38,902)	$	(25,438)	$	39,649

Basic net income (loss) per common share	$	(0.83)	$	(1.87)	$	(0.99)	$	1.91
Diluted net income (loss) per common share	$	(0.83)	$	(1.87)	$	(0.99)	$	1.91

Weighted-average shares outstanding - basic	30,655		20,776		25,774		20,713
Add: dilutive effect of contingent stock awards	—		—		—		46
Weighted-average shares outstanding - diluted	30,655		20,776		25,774		20,759

There were 747,678 and 715,639 shares that were anti-dilutive for the three months ended June 30, 2021 and 2020, respectively, and 777,564 and 407,996 that were anti-dilutive for the six months ended June 30, 2021 and 2020. The Company was in a net loss position for the three months ended June 30, 2021 and 2020 as well as the six months ended June 30, 2021, which made all potentially dilutive shares anti-dilutive.

The exercise price of the Company's stock warrants were in excess of the Company's stock price during the three and six months ended June 30, 2020; therefore, they were excluded from the earnings per share calculation. The Company's warrants expired on April 30, 2020.