Earnings Per Share

6 Months Ended

Jun. 30, 2022

EARNINGS PER SHARE

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


	Three months ended June 30,				Six months ended June 30,
	2021		2022		2021		2022
Numerator for basic and diluted earnings per share:
Net income (loss)	$	(6,167)	$	10,899	$	6,766	$	27,301
Less: Loss (earnings) allocated to unvested restricted stock	8		(6)		(13)		(20)
Income (loss) attributable to common stockholders	$	(6,159)	$	10,893	$	6,753	$	27,281

Denominator:
Denominator for basic earnings per common share - weighted average shares outstanding	17,967		14,798		17,966		15,020
Effect of dilutive securities:
Stock options	213		226		232		325

Performance awards	331		688		166		688
Denominator for diluted earnings per common share - weighted average shares outstanding	18,511		15,712		18,364		16,033

Basic earnings (loss) per common share:	$	(0.34)	$	0.74	$	0.38	$	1.82
Diluted earnings (loss) per common share:	$	(0.33)	$	0.69	$	0.37	$	1.70

For the three and six months ended June 30, 2022 there were 366,038 and 259,359 stock options, respectively, excluded from the computation of diluted earnings per share because the inclusion of such stock option would result in an antidilutive effect. For the three and six months ended June 30, 2021, no stock options were excluded from the computation of diluted earnings per share.

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 June 30, 2022, we had satisfied certain performance criteria for the first, second and third 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.