Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

15. EARNINGS (LOSS) PER SHARE

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


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In thousands, except per share amounts)	2021			2020		2021			2020
Numerator
Net income (loss)	$	(10,427	)	$	5,481	$	(4,445	)	$	(3,736	)
Denominator
Weighted average number of shares – basic		48,609			47,957		48,470			47,957
Effect of dilutive securities
PSUs, RSUs and restricted stock		—			467		—			—
Weighted average number of shares – diluted		48,609			48,424		48,470			47,957
Earnings (loss) per share – basic	$	(0.21	)	$	0.11	$	(0.09	)	$	(0.08	)
Earnings (loss) per share – diluted	$	(0.21	)	$	0.11	$	(0.09	)	$	(0.08	)

For the three months ended September 30, 2021 and 2020, 0.2 million and 3.4 million stock options, respectively, and for the nine months ended September 30, 2021 and 2020, 0.4 million and 4.3 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 September 30, 2021 and 2020, less than one thousand and eighteen thousand shares, respectively, and for the nine months ended September 30, 2021 and 2020, four 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.