Earnings Per Share

6 Months Ended

Jun. 30, 2021

Basic earnings per share is computed by dividing net income (loss) from continuing and discontinued operations by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income (loss) from continuing and discontinued operations by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
(In thousands)	2021	2020	2021	2020
Weighted average shares outstanding used to compute basic earnings per share	33,594	33,435	33,500	33,374
Incremental dilutive shares attributable to stock options and restricted stock	146	1	192	—
Shares used to compute diluted earnings per share	33,740	33,436	33,692	33,374

Incremental shares attributable to stock options and restricted stock are computed under the treasury stock method using the average market price during the related period. The average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 996,400 and 703,958, respectively, for the three and six months ended June 30, 2021. The Company had a net loss from continuing operations for the six months ended June 30, 2020, so there was no dilutive impact for such shares. For the three months ended June 30, 2020, average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 1,567,709. If the Company had reported net income from continuing operations for the six months ended June 30, 2020, average out-of-the-money options to purchase shares that would have been excluded from the calculation of incremental shares attributable to stock options and restricted stock would have been 1,125,203.