| Schedule of Earnings Per Share, Basic and Diluted |
Basic earnings per share is calculated using the Company’s weighted-average outstanding common shares, including vested restricted shares. When the effects are not anti-dilutive, diluted earnings per share is calculated using the weighted-average outstanding common shares; the dilutive effect of convertible preferred stock, under the “if converted” method; and the treasury stock method with regard to warrants and stock options; all as determined under the treasury stock method.
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
| Numerator: |
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| Net income attributable to common shareholders |
$ |
20,002 |
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$ |
8,870 |
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$ |
30,568 |
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$ |
22,233 |
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| Adjustment for accretion of tax equity financing fees |
(91) |
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— |
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(91) |
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— |
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| Income attributable to common shareholders |
$ |
19,911 |
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$ |
8,870 |
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$ |
30,477 |
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$ |
22,233 |
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| Denominator: |
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| Basic weighted-average shares outstanding |
47,788 |
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46,555 |
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47,597 |
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46,413 |
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| Effect of dilutive securities: |
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| Stock options |
1,313 |
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1,138 |
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1,188 |
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1,262 |
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| Diluted weighted-average shares outstanding |
49,101 |
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47,693 |
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48,785 |
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47,675 |
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| Net income per share attributable to common shareholders: |
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| Basic |
$ |
0.42 |
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$ |
0.19 |
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$ |
0.64 |
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$ |
0.48 |
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| Diluted |
$ |
0.41 |
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$ |
0.19 |
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$ |
0.62 |
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$ |
0.47 |
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Potentially dilutive shares(1)
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1,268 |
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1,152 |
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1,146 |
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642 |
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| (1) Potentially dilutive shares attributable to stock options were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive. |
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| Schedule of Share-based Compensation Expense |
The Company recorded stock-based compensation expense, including expense related to the ESPP, as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
| Stock-based compensation expense |
$ |
521 |
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$ |
413 |
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$ |
1,380 |
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$ |
1,195 |
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