EARNINGS PER SHARE

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income	$	40,659	$	3,251	$	15,221	$	42,900

Basic net income per common share	$	1.32	$	0.16	$	0.55	$	2.07
Diluted net income per common share	$	1.31	$	0.16	$	0.55	$	2.06

Weighted-average shares outstanding - basic	30,849		20,832		27,485		20,753
Add: dilutive effect of contingent stock awards	276		71		343		73
Add: dilutive effect of exercisable stock options	13		—		11		—
Weighted-average shares outstanding - diluted	31,138		20,903		27,839		20,826

There were 115,448 and 549,967 shares that were anti-dilutive for the three months ended September 30, 2021 and 2020, respectively, and 81,142 and 427,857 that were anti-dilutive for the nine months ended September 30, 2021 and 2020.

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