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Earnings per Share | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
Earnings per Share | 20. Earnings per Share: Basic earnings per share is calculated as income (loss) available to common stockholders, divided by the weighted average number of common shares outstanding during the period. The weighted average number of common shares outstanding during the period for the computation of basic earnings per share excludes restricted stock awards that have legally been issued but are nonvested during the period, as the sale of these shares is prohibited pending satisfaction of certain vesting conditions by the award recipients in order to earn the rights to the shares. Diluted earnings per share is calculated as income (loss) available to common stockholders, divided by the weighted average number of common and potential common shares outstanding during the period, if dilutive. Potential common shares reflect (1) unvested restricted stock awards and restricted stock units with service vesting conditions, (2) performance stock units with vesting conditions considered probable of achievement and (3) options to purchase common stock, all of which have been included in the diluted earnings per share calculation using the treasury stock method. The reconciliation from basic to diluted weighted average shares outstanding is as follows:
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Weighted average shares outstanding – Basic |  | 136,095,060 |  |  | 135,083,126 |  |  | 136,072,165 |  |  | 135,278,764 |
Dilutive effect of unvested common shares and restricted stock units with service conditions, performance stock units considered probable of vesting and assumed stock option exercises and conversions |  | — |  | 588,704 |  | — |  | 800,776
Weighted average shares outstanding – Diluted |  | 136,095,060 |  | 135,671,830 |  | 136,072,165 |  | 136,079,540
Basic and diluted loss per share are calculated as follows:
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Numerator: |  |  |  |  |  |  |  |
Net income (loss) attributable to Ecovyst Inc. |  | $ | (1,490) |  |  | $ | 15,926 |  |  | $ | (94,125) |  |  | $ | 16,150 |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares outstanding – Basic |  | 136,095,060 |  |  | 135,083,126 |  |  | 136,072,165 |  |  | 135,278,764 |
Weighted average shares outstanding – Diluted |  | 136,095,060 |  |  | 135,671,830 |  |  | 136,072,165 |  |  | 136,079,540 |
Net loss per share: |  |  |  |  |  |  |  |
Basic (loss) income per share |  | $ | (0.01) |  |  | $ | 0.12 |  |  | $ | (0.69) |  |  | $ | 0.12 |
Diluted (loss) income per share |  | $ | (0.01) |  |  | $ | 0.12 |  |  | $ | (0.69) |  |  | $ | 0.12 |
The table below presents the details of the Company’s weighted average equity-based awards outstanding during each respective period that were excluded from the calculation of diluted earnings per share:
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Restricted stock awards with performance only targets not yet achieved |  | 846,715 |  |  | 1,507,366 |  |  | 864,946 |  |  | 1,511,868 |
Stock options with performance only targets not yet achieved |  | 376,812 |  |  | 509,888 |  |  | 376,812 |  |  | 516,110 |
Anti-dilutive restricted stock awards, restricted stock units and performance stock units |  | — |  |  | 2,262,974 |  |  | — |  |  | 1,421,401 |
Anti-dilutive stock options |  | — |  |  | 844,475 |  |  | — |  |  | 847,641 |
Restricted stock awards and stock options with performance only vesting conditions were not included in the dilution calculation, as the performance targets have not been achieved nor were probable of achievement as of the end of the respective periods. On a weighted average basis, options to purchase 603,159 shares of common stock at the historical exercise price of $16.97 per share and 241,316 shares of common stock at the historical exercise price of $17.50 per share for the three months ended June 30, 2020, were excluded from the computation of diluted earnings per share, because the combination of the options’ exercise price and remaining unamortized stock-based compensation expense was greater than the average market price of the common shares. On a weighted average basis, options to purchase 606,325 shares of common stock at the historical exercise price of $16.97 per share and 241,316 shares of common stock at the historical exercise price of $17.50 per share for the six months ended June 30, 2020, were excluded from the computation of diluted earnings per share, because the combination of the options’ exercise price and remaining unamortized stock-based compensation expense was greater than the average market price of the common shares. The stock options with a historical exercise price of $16.97 per share expire on October 2, 2027, while the stock options with a historical exercise price of $17.50 per share expire on August 9, 2028. Anti-dilutive awards are not included in the dilution calculation, as their inclusion would have the effect of increasing diluted income per share.

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