Earnings per Common Share

9 Months Ended

Sep. 30, 2019

The calculation of basic and diluted EPS was as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019			2018		2019		2018
	(In thousands, except per share data)
Basic earnings per Class A common share
Numerator:
Net (loss) income	$	(531	)	$	4,573	$	98,204	$	104,431
Denominator:
Weighted-average Class A shares issued and outstanding	51,595			52,580		52,405		52,046
Basic (loss) earnings per Class A common share	$	(0.01	)	$	0.09	$	1.87	$	2.01

Diluted earnings per Class A common share
Numerator:
Net (loss) income	$	(531	)	$	4,573	$	98,204	$	104,431
Denominator:
Weighted-average Class A shares issued and outstanding	51,595			52,580		52,405		52,046
Dilutive potential common shares:
Stock options	83			214		130		372
Restricted stock units	199			1,032		463		1,223
Performance-based restricted stock units	373			780		413		791
Employee stock purchase plan	45			9		63		5
Diluted weighted-average Class A shares issued and outstanding	52,295			54,615		53,474		54,437
Diluted (loss) earnings per Class A common share	$	(0.01	)	$	0.08	$	1.84	$	1.92

For the periods presented, we excluded certain restricted stock units and stock options outstanding (as applicable), which could potentially dilute basic EPS in the future, from the computation of diluted EPS as their effect was anti-dilutive. Additionally, we have excluded any performance-based restricted stock units for which the performance contingency has not been met as of the end of the period. The following table shows the weighted-average number of shares excluded from the diluted EPS calculation:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
	(In thousands)
Class A common stock
Restricted stock units	476	—	314	—
Performance-based restricted stock units	752	223	466	123
Total restricted and performance-based stock units	1,228	223	780	123