Earnings Per Share

9 Months Ended

Sep. 30, 2018

Note 5 – Earnings Per Share

Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common stock issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period.

The following table sets forth the calculation of basic and diluted earnings per share:


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(in thousands, except per share data)			2018		2017		2018		2017
				(as adjusted)				(as adjusted)
Net income (loss)		$	7,799	$	17,831	$	(4,899)	$	44,460

Denominator for basic earnings per share -
	weighted-average number of common
	shares outstanding during the period		46,301		49,865		47,415		49,716
Incremental common shares attributable to
	exercise of dilutive options		90		268		—		319
Incremental common shares attributable					.
	to outstanding restricted stock units		64		197		—		257
Denominator for diluted earnings per share			46,455		50,330		47,415		50,292

Basic earnings (loss) per share		$	0.17	$	0.36	$	(0.10)	$	0.89
Diluted earnings (loss) per share		$	0.17	$	0.35	$	(0.10)	$	0.88

Potentially dilutive securities totaling 0.3 million common shares for the nine months ended September 30, 2018 were not included in the computation of diluted loss per share because their effect would have decreased the loss per share.