Earnings Per Share

9 Months Ended

Sep. 30, 2021

The following table sets forth the computation of the basic and diluted earnings per share (in thousands, except per share data):


	Three months ended September 30,				Nine months ended September 30,
	2020		2021		2020		2021
Numerator for basic and diluted earnings per share:
Net income	$	5,525	$	13,046	$	7,725	$	19,812
Less: Earnings allocated to unvested restricted stock	(14)		(18)		(23)		(33)
Income attributable to common stockholders	$	5,511	$	13,028	$	7,702	$	19,779

Denominator:
Denominator for basic earnings per common share - weighted average shares outstanding	17,895		17,499		17,853		17,809
Effect of dilutive securities:
Stock options	34		235		39		277
Convertible Notes	3		—		1		—
Performance awards	—		512		—		279
Denominator for diluted earnings per common share - weighted average shares outstanding	17,932		18,246		17,893		18,365

Basic earnings per common share:	$	0.31	$	0.74	$	0.43	$	1.11
Diluted earnings per common share:	$	0.31	$	0.71	$	0.43	$	1.08

For the three and nine months ended September 30, 2021, no stock options were excluded from the computation of diluted earnings per share. For the three and nine months ended September 30, 2020 there were 765,722 and 848,513 stock options, respectively, excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect.

Our performance awards are considered to be contingently issuable shares because their issuance is contingent upon the satisfaction of certain performance and service conditions. At September 30, 2021, we had satisfied certain performance criteria for the first and second predetermined growth targets of our performance awards to be considered outstanding. Therefore, we included these awards in the computation of diluted earnings per share as of the beginning of the reporting period.