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Earnings per Share | 6 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
Earnings per Share | 8. Earnings per Share The computational components of basic and diluted earnings per share for the three-month periods ended June 30, are below.
|  | 2022 |  |  | 2021 |
(table only in thousands) Numerator (for basic and diluted earnings per share) |  |  |  |  |  |
Net income attributable to CECO Environmental Corp. |  | $ | 4,385 |  |  | $ | 293 |
Denominator |  |  |  |  |  |
Basic weighted-average shares outstanding |  |  | 34,873 |  |  |  | 35,492 |
Common stock equivalents arising from stock options and restricted stock awards |  |  | 168 |  |  |  | 327 |
Diluted weighted-average shares outstanding |  |  | 35,041 |  |  |  | 35,819 |
The computational components of basic and diluted earnings per share for the six-month periods ended June 30, are below.
|  | 2022 |  |  | 2021 |
(table only in thousands) Numerator (for basic and diluted earnings per share) |  |  |  |  |  |
Net income attributable to CECO Environmental Corp. |  | $ | 7,180 |  |  | $ | 1,474 |
Denominator |  |  |  |  |  |
Basic weighted-average shares outstanding |  |  | 34,962 |  |  |  | 35,444 |
Common stock equivalents arising from stock options and restricted stock awards |  |  | 158 |  |  |  | 353 |
Diluted weighted-average shares outstanding |  |  | 35,120 |  |  |  | 35,797 |
Options and restricted stock units included in the computation of diluted earnings per share are calculated using the treasury stock method. For both the three-month periods ended June 30, 2022 and 2021, 1.9 million, and for the six-month periods ended June 30, 2022 and 2021, 2.0 million and 1.7 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 May 10, 2022, the Company's Board of Directors authorized a share repurchase program under which CECO may purchase up to $20.0 million of its outstanding shares of common stock through April 30, 2025. 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 June 30, 2022, the Company has repurchased and retired approximately 725,000 shares of common stock at a cost of $4.3 million.

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