Computation of Net Income (Loss) per Common Share

Basic net income (loss) per share (“EPS”) is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Where applicable, diluted EPS is computed by dividing the net income (loss) by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. For the three months ended September 30, 2018, 1.6 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 0.3 million relate to outstanding stock options, 0.9 million relate to outstanding warrants and 0.4 million relate to outstanding awards. For the six months ended September 30, 2018, 1.4 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 0.2 million relate to outstanding stock options, 0.9 million relate to outstanding warrants and 0.3 million relate to outstanding awards. For the three and six months ended September 30, 2017, 1.5 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 0.3 million relate to outstanding stock options, and 1.2 million relate to outstanding warrants.

The following table reconciles the numerators and denominators of the earnings per share calculation for the three and six months ended September 30, 2018 and 2017 (in thousands, except per share data):



	Three months ended September 30,						Six months ended September 30,
	2018			2017			2018			2017
Numerator:
Net income (loss)	$	22,558		$	(7,281	)	$	17,821		$	(22,533	)
Denominator:
Weighted-average shares of common stock outstanding	21,252			19,531			21,126			18,316
Weighted-average shares subject to repurchase	(939		)	(471		)	(886		)	(391		)
Shares used in per-share calculation ― basic	20,313			19,060			20,240			17,925
Shares used in per-share calculation ― diluted	20,581			19,060			20,560			17,925
Net income (loss) per share ― basic	$	1.11		$	(0.38	)	$	0.88		$	(1.26	)
Net income (loss) per share ― diluted	$	1.10		$	(0.38	)	$	0.87		$	(1.26	)