InfuSystem Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

9 Months Ended

Sep. 30, 2021

Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted 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 income per share computations:


	Three Months Ended September 30,				Nine Months Ended September 30,
Numerator (in thousands):	2021		2020		2021		2020
Net (loss) income:	$	(448)	$	2,940	$	1,033	$	6,662
Denominator:
Weighted average common shares outstanding:
Basic	20,577,886		20,179,056		20,468,842		20,060,416
Dilutive effect of common stock equivalents	—		1,484,358		1,526,374		1,577,065
Diluted	20,577,886		21,663,414		21,995,216		21,637,481
Net (loss) income per share:
Basic	$	(0.02)	$	0.15	$	0.05	$	0.33
Diluted	$	(0.02)	$	0.14	$	0.05	$	0.31

For the three months ended September 30, 2021, all outstanding options and 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 nine months ended September 30, 2021, 0.3 million of outstanding options and 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. For both the three and nine months ended September 30, 2020, less than 0.1 million of outstanding options and 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”) authorizing the Company to repurchase up to $20.0 million of the Company’s outstanding common stock through June 30, 2024. The repurchase program will be 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 program may take place in the open market or in privately negotiated transactions and may be made under a Rule

10b5-1 plan. The repurchase program does not obligate the Company to repurchase shares and may be suspended, terminated, or modified at any time. As of September 30, 2021, the Company had not repurchased any shares under the Share Repurchase Program.