Earnings per Share

9 Months Ended

Sep. 30, 2021

8. Earnings per Share

The computational components of basic and diluted earnings per share for the three-month periods ended September 30, are below.


	2021			2020
(table only in thousands) Numerator (for basic and diluted earnings per share)
Net loss attributable to CECO Environmental Corp.	$	(1,249	)	$	(239	)

Denominator
Basic weighted-average shares outstanding		35,472			35,359
Common stock equivalents arising from stock options and restricted stock awards		—			—
Diluted weighted-average shares outstanding		35,472			35,359

The computational components of basic and diluted earnings per share for the nine-month periods ended September 30, are below.


	2021		2020
(table only in thousands) Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	224	$	6,431

Denominator
Basic weighted-average shares outstanding		35,463		35,264
Common stock equivalents arising from stock options and restricted stock awards		267		208
Diluted weighted-average shares outstanding		35,730		35,472

Options and restricted stock units included in the computation of diluted earnings per share are calculated using the treasury stock method. For the three-month periods ended September 30, 2021 and 2020, zero, and during the nine-month periods ended September 30, 2021 and 2020, 1.8 million and 0.9 million, respectively, of outstanding options and restricted stock units were excluded from the computation of diluted earnings per share due to their having an anti-dilutive effect.

Once a restricted stock unit vests, it is included in the computation of weighted average shares outstanding for purposes of basic and diluted earnings per share.

Common Stock Repurchase

On August 3, 2021, the Company's Board of Directors authorized a share repurchase program under which CECO may purchase up to $5.0 million of its outstanding shares of common stock through December 31, 2021. The authorization permits the Company to repurchase shares in the open market, through accelerated share repurchases, block trades, 10b5-1 plans or through privately negotiated transactions in accordance with applicable laws, rules and regulations. Through September 30, 2021, the Company has repurchased approximately 520,000 shares of common stock at a cost of $3.7 million.