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Net Income per Common Share

9 Months Ended

Sep. 30, 2021

Net Income per Common Share

Net Income per Common Share

17. Net Income per Common Share

Basic net income per common share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per common share are calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, would have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. All the Company’s RSUs and DSUs are considered to be dilutive in periods with net income.

The effect of the Company’s dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. Options to purchase 2.1 million and 3.6 million shares of common stock at weighted average exercise prices of $5.11 and $8.97 were outstanding at September 30, 2021 and 2020, respectively, but were not included in the computation of diluted weighted average common shares outstanding, as the exercise price of the options exceeded the average price of the Company’s common stock during the reporting period, and therefore are anti-dilutive.

Basic and diluted net income per common share is calculated as follows:


		For the three months ended						For the nine months ended
		September 30,						September 30,
		2021			2020			2021			2020
Numerator:
Net income (loss) from continuing operations			1,529			(251)			5,339			(3,212)
Net income from discontinued operations			-			5,252			-			3,280
Net income (in thousands)		$	1,529		$	5,001		$	5,339		$	68

Denominator:
Basic weighted average shares of common stock outstanding			74,552,545			70,641,938			74,481,281			68,896,059
Dilutive effect of share-based awards			345,975			402,590			360,814			393,290
Diluted weighted average common shares outstanding			74,898,520			71,044,528			74,842,095			69,289,349

Basic and diluted net income (loss) per common share:
Continuing operations			0.02			0.01			0.07			(0.05)
Discontinued operations			-			0.06			-			0.05
Basic and diluted net income per common share		$	0.02		$	0.07		$	0.07		$	0.00