Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2021

16. EARNINGS (LOSS) PER SHARE

A summary of the calculation of basic and diluted earnings (loss) per share is as follows:

	Three Months Ended
	March 31,
(In thousands, except per share amounts)	2021		2020
Numerator
Net income (loss)	$	896	$	(9,969	)
Denominator
Weighted average number of shares – basic		48,336		47,957
Effect of dilutive securities
Stock options		56		—
PSUs, RSUs and restricted stock		612		—
Weighted average number of shares – diluted		49,004		47,957
Earnings (loss) per share – basic	$	0.02	$	(0.21	)
Earnings (loss) per share – diluted	$	0.02	$	(0.21	)

For the three months ended March 31, 2021 and 2020, 0.7 million and 5.9 million stock options, respectively, were outstanding but were not included in the computation of diluted earnings per share. These stock options were excluded because their exercise prices were greater than the average market price of the common shares during the quarter, therefore making them anti-dilutive under the treasury stock method.

For the three months ended March 31, 2021 and 2020, one thousand and 0.4 million shares, respectively, of unvested PSUs, RSUs and restricted stock were excluded from the calculation of diluted earnings per share due to their anti-dilutive effect.