Earnings (Loss) Per Share

Basic earnings (loss) per share (“basic EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share (“diluted EPS”) gives effect to all dilutive potential shares outstanding resulting from employee stock options, restricted stock units, performance share units and stock appreciation rights ("SARs") during the period. The following table sets forth the computation of basic and diluted earnings (loss) per share for the three months ended March 31, 2018 and 2017:



	Three Months Ended March 31,
	2018		2017
Net income (loss)	$	10,657	$	(4,545	)

Basic – weighted average shares outstanding	28,008		27,867

Effect of dilutive potential securities	565		—

Diluted – weighted average shares outstanding	28,573		27,867

Net income (loss) (per share)
Basic	$	0.38	$	(0.16	)
Diluted	0.37		(0.16		)

The shares used in the calculation of diluted EPS exclude options and SARs to purchase shares where the exercise price was greater than the average market price of common shares for the period and the effect of the inclusion would be anti-dilutive. Such shares aggregated approximately 0.4 million for the three months ended March 31, 2018. As the Company was in a net loss position at March 31, 2017, there were no anti-dilutive shares.