Income (Loss) per Share

Basic income (loss) per share is computed by dividing net income (loss) by the sum of the weighted-average number of common shares outstanding and the weighted-average number of shares issuable under the common stock warrants, representing 354 thousand shares during the three and nine months ended September 30, 2018 and 354 thousand shares during the three and nine months ended September 30, 2017, respectively. The common stock warrants are included in the calculation of basic income (loss) per share because they are issuable for minimal consideration. The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2018			2017		2018		2017
Net income (loss)	$	(5,822	)	$	18,824	$	25,541	$	53,616
Less: Undistributed income allocated to participating securities (1)	—			238		361		685
Net income (loss) attributable to common stockholders	(5,822		)	18,586		25,180		52,931
Plus: Net income effect of convertible securities	—			2,566		—		—
Numerator for diluted income (loss) per common share	$	(5,822	)	$	21,152	$	25,180	$	52,931

Basic weighted-average common stock shares outstanding	45,709			45,561		45,676		45,505
Plus: dilutive effects of common stock equivalents (2)	—			6,431		45		22
Diluted weighted-average common stock shares outstanding	45,709			51,992		45,721		45,527

Basic income (loss) per common share	$	(0.13	)	$	0.41	$	0.55	$	1.16
Diluted income (loss) per common share	$	(0.13	)	$	0.41	$	0.55	$	1.16

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(1)	Participating securities include restricted stock that has been issued but has not yet vested.


(2)	Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted loss per share for the three months ended September 30, 2018.

For the nine months ended September 30, 2018, our calculation of diluted shares outstanding excluded 33 thousand shares of unvested restricted stock and 1.3 million stock options. For the three and nine months ended September 30, 2017, our calculation of diluted shares outstanding excluded 31 thousand and 83 thousand shares of unvested restricted stock and 1.3 million and 1.5 million stock options, respectively.

As discussed in Note 9—Debt, we have the option of settling the 5.00% Convertible Senior Notes in cash or shares of common stock, or any combination thereof, upon conversion. For the three and nine months ended September 30, 2018 and September 30, 2017, diluted income (loss) per share was determined using the if-converted method. Our calculation of diluted shares outstanding for each of the three and nine months ended September 30, 2018 and the nine months ended September 30, 2017 excluded 6.4 million common stock equivalents, as the effect would be anti-dilutive.