EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

Earnings per basic and diluted share are calculated under the treasury stock method. Basic net income (loss) per common share is calculated by dividing net income (loss) by the basic weighted-average common shares outstanding for the respective period. Diluted net income (loss) per common share is calculated by dividing net income (loss) by the diluted weighted-average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of unvested RSUs, DSUs, PSUs as well as outstanding in-the-money stock options and warrants. When the Company recognizes a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted earnings per share.

The Company issues RSUs and DSUs, which represent the right to receive, upon vesting, one share of the Company's common stock. The number of potentially dilutive shares related to unvested RSUs and DSUs 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 has also issued stock options and warrants, which both represent the right to purchase the Company's common stock at a specified exercise 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 the date was the end of such stock options' or warrants' term. Stock options and warrants are only dilutive when the average price of the common stock during the period exceeds the exercise price. Please refer to Note 7 - Stock-Based Compensation for additional discussion.

The following table sets forth the calculations of basic and diluted net income per common share (in thousands, except per share amounts):


	Year Ended December 31,
	2021		2020		2019
Net income	$	178,921	$	103,528	$	67,067

Basic net income per common share	$	4.82	$	4.98	$	3.25
Diluted net income per common share	$	4.74	$	4.95	$	3.24

Weighted-average shares outstanding - basic	37,155		20,774		20,612
Add: dilutive effect of contingent stock awards	591		138		69
Weighted-average shares outstanding - diluted	37,746		20,912		20,681

There were 178,051, 248,744, and 269,208 shares that were anti-dilutive for the years ended December 31, 2021, 2020, and 2019 respectively.