Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2021

15. Net Income (Loss) Per Share

The following is a reconciliation of the weighted average common shares outstanding used to compute basic and diluted net income (loss) per common share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Basic weighted average common shares outstanding		35,029,175		34,538,814		34,914,989		34,730,623
Effect of dilutive securities - stock awards		—		—		640,088		—
Diluted weighted average common shares outstanding		35,029,175		34,538,814		35,555,077		34,730,623

Equity incentive instruments for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Anti-dilutive equity instruments of 386,178 common shares were excluded from the diluted weighted average common shares outstanding for the nine months ended September 30, 2021. Due to the net loss incurred during the three months ended September 30, 2021 and 2020 and the nine months ended September 30, 2020, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the net diluted income (loss) per share calculations for those periods.

No cash dividends were declared or paid during the three and nine months ended September 30, 2021 and 2020.