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Earnings Per Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share

6. EARNINGS PER SHARE

Basic earnings per share is computed by dividing the net income available to common shareholders for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income available to common shareholders for the period by the weighted average number of potentially dilutive common and common equivalent shares outstanding during the period. Common equivalent shares are composed of incremental common shares issuable upon the exercise of stock options and RSUs subject to vesting. The dilutive effect of common equivalent shares is included in diluted earnings per share by application of the treasury stock method. The total number of common equivalent shares excluded from the calculations of diluted earnings per share due to their anti-dilutive effect or contingent performance conditions was 54,000 and 70,000 for the three months ended September 30, 2019 and 2018, respectively, and 107,000 and 100,000 for the nine months ended September 30, 2019 and 2018, respectively.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2019 and 2018 (in thousands, except per share data):

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

3,461

 

 

$

3,036

 

 

$

10,642

 

 

$

10,320

 

Income from discontinued operations

 

 

251

 

 

 

—

 

 

 

1,445

 

 

 

19,107

 

Net income

 

$

3,712

 

 

$

3,036

 

 

$

12,087

 

 

$

29,427

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

32,376

 

 

 

32,322

 

 

 

32,369

 

 

 

32,244

 

Effect of dilutive shares

 

 

61

 

 

 

93

 

 

 

47

 

 

 

64

 

Weighted-average diluted shares

 

 

32,437

 

 

 

32,415

 

 

 

32,416

 

 

 

32,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.11

 

 

$

0.09

 

 

$

0.33

 

 

$

0.32

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

0.04

 

 

 

0.59

 

Net income per share - basic

 

$

0.11

 

 

$

0.09

 

 

$

0.37

 

 

$

0.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.11

 

 

$

0.09

 

 

$

0.33

 

 

$

0.32

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

0.04

 

 

 

0.59

 

Net income per share - diluted

 

$

0.11

 

 

$

0.09

 

 

$

0.37

 

 

$

0.91