Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2021

15. EARNINGS (LOSS) PER SHARE

The calculation of basic and diluted earnings (loss) per share is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands, except per share amounts)	2021		2020		2021		2020
Numerator
Net income (loss)	$	5,086	$	752	$	5,982	$	(9,217	)
Denominator
Weighted average number of shares – basic		48,449		47,958		48,393		47,957
Effect of dilutive securities
PSUs, RSUs and restricted stock		816		296		722		—
Stock options		161		—		110		—
Weighted average number of shares – diluted		49,426		48,254		49,225		47,957
Earnings (loss) per share – basic	$	0.10	$	0.02	$	0.12	$	(0.19	)
Earnings (loss) per share – diluted	$	0.10	$	0.02	$	0.12	$	(0.19	)

For the three months ended June 30, 2021 and 2020, 0.4 million and 1.9 million stock options, respectively, and for the six months ended June 30, 2021 and 2020, 0.6 million and 2.3 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 applicable period, making them anti-dilutive under the treasury stock method.

For the three months ended June 30, 2021 and 2020, one thousand and fifteen thousand shares, respectively, and for the six months ended June 30, 2021 and 2020, three thousand and 0.1 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.