Earnings / (Loss) Per Share

9 Months Ended

Sep. 30, 2019

Basic and Diluted Earnings / (Loss) Per Share

The components of basic and diluted earnings / (loss) per share, or EPS, are as follows (in thousands, except share and per share amounts):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019		2018
Net income / (loss)	$	17,690	$	(7,652	)	$	40,496	$	13,596
Less: income allocated to participating securities	—		—			—		(2		)
Net income / (loss) attributable to common stockholders (A)	$	17,690	$	(7,652	)	$	40,496	$	13,594
Weighted average common shares outstanding — basic (B)	48,518,041		47,812,642			48,360,927		47,494,926
Dilutive effect of stock options, restricted stock units and restricted stock awards	1,634,766		—			1,877,482		2,098,992
Weighted average common shares outstanding — diluted (C)	50,152,807		47,812,642			50,238,409		49,593,918
Net income / (loss) per share:
Basic (A/B)	$	0.36	$	(0.16	)	$	0.84	$	0.29
Diluted (A/C)	$	0.35	$	(0.16	)	$	0.81	$	0.27

The following securities have been excluded from the calculation of diluted weighted average common shares outstanding as the inclusion of these securities would have an anti-dilutive effect:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
Stock options	187,792	191,169	177,292	191,469
Restricted stock awards	—	—	—	—
Restricted stock units	325,108	33,100	239,450	33,100
Common stock subject to repurchase	410	4,005	410	4,005

Participating securities are composed of certain stock options granted under the 2015 Plan, and previously granted under the 2009 Equity Incentive Plan, that may be exercised before the options have vested. Unvested shares have a non-forfeitable right to dividends. Unvested shares issued as a result of early exercise are subject to repurchase by us upon termination of employment or services at the original exercise price. The common stock subject to repurchase is no longer classified as participating securities when shares revert to common stock outstanding as the awards vest and our repurchase right lapses.