Earnings Per Share

6 Months Ended

Jun. 30, 2022

14. EARNINGS PER SHARE

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands, except per share amounts)	2022		2021		2022		2021
Numerator
Net income	$	2,143	$	5,086	$	1,016	$	5,982
Denominator
Weighted average number of shares – basic		49,123		48,449		49,110		48,393
Effect of dilutive securities
Stock options		84	816		111		722
PSUs, RSUs and restricted stock		602		161		592		110
Weighted average number of shares – diluted		49,809		49,426		49,813		49,225
Earnings per share – basic	$	0.04	$	0.10	$	0.02	$	0.12
Earnings per share – diluted	$	0.04	$	0.10	$	0.02	$	0.12

For the three months ended June 30, 2022 and 2021, 33 thousand and one thousand shares, respectively, and for the six months ended June 30, 2022 and 2021, eight thousand and three thousand, respectively, of unvested PSUs, RSUs and restricted stock were excluded from the calculation of diluted earnings per share due to their anti-dilutive effect.

For the three months ended June 30, 2022 and 2021, 0.2 million and 0.4 million stock options, respectively, and for the six months ended June 30, 2022 and 2021, 0.1 million and 0.6 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.