Quarterly report pursuant to Section 13 or 15(d)

(Loss) Earnings Per Share

v3.22.2
(Loss) Earnings Per Share
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
(Loss) Earnings Per Share (Loss) Earnings Per ShareBasic (loss) income per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted (loss) income per share assumes the issuance of potentially dilutive shares of common stock during the period. The following table reconciles the numerators and denominators of the basic and diluted (loss) income per share computations:
  Three Months Ended June 30, Six Months Ended June 30,
Numerator (in thousands):
2022 2021 2022 2021
Net (loss) income: $ (164) $ 820 $ (532) $ 1,481
Denominator:
Weighted average common shares outstanding:
Basic 20,583,928 20,487,845 20,596,580 20,413,416
Dilutive effect of common stock equivalents — 1,577,641 — 1,604,039
Diluted 20,583,928 22,065,486 20,596,580 22,017,455
Net (loss) income per share:
Basic $ (0.01) $ 0.04 $ (0.03) $ 0.07
Diluted $ (0.01) $ 0.04 $ (0.03) $ 0.07
For both the three and six months ended June 30, 2022, all outstanding options and unvested restricted stock units were anti-dilutive due to the Company's net losses for the period and therefore are not included in the calculation. For the three and six months ended June 30, 2021, 0.2 million and 0.1 million, respectively, of outstanding options and unvested restricted stock units with an exercise price above the current market value of the Company’s common stock were not included in the calculation because they would have an anti-dilutive effect.
Share Repurchase Program
On June 30, 2021, our Board of Directors approved a stock repurchase program (the “Share Repurchase Program”) that authorizes the Company to repurchase up to $20.0 million of the Company’s outstanding common stock through June 30, 2024. Repurchases under the Share Repurchase Program are subject to market conditions, the periodic capital needs of the Company’s operating activities, and the continued satisfaction of all covenants under the Company’s existing 2021 Credit Agreement. Repurchases under the Share Repurchase Program may take place in the open market or in privately negotiated transactions and may be made under a Rule 10b5-1 plan. The Share Repurchase Program does not obligate the Company to repurchase shares and may be suspended, terminated, or modified at any time. As of June 30, 2022, the Company had repurchased and retired approximately $4.9 million, or 382,139 shares, of the Company's outstanding common stock under the Share Repurchase Program.