Earnings per Share

Basic (loss) earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires the effect of potentially dilutive common stock equivalents be excluded from the calculation of diluted earnings per share for the periods in which net losses are reported because the effect is anti-dilutive.

The following table reconciles the number of common shares used in calculating the basic and diluted net earnings per share:



	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019		2018
Basic weighted-average common shares outstanding¹	16,538,501			16,486,935		16,527,448		16,491,366
Incremental shares due to:
Restricted stock units	—			20,970		16,570		29,530
Performance shares	—			47,266		7,569		52,051
Stock options	—			—		—		90
Diluted weighted-average common shares outstanding	16,538,501			16,555,171		16,551,587		16,573,037

Basic net (loss) earnings per common share	$	(0.03	)	$	0.42	$	0.21	$	0.58
Diluted net (loss) earnings per common share	(0.03		)	0.42		0.21		0.58

Anti-dilutive shares excluded from calculation	1,104,277			1,029,983		1,018,641		912,863


¹	Basic weighted-average common shares outstanding includes restricted stock unit awards that are fully vested, but are deferred for future issuance.