Note 10 – Earnings per Share (sharecounts in thousands)

In connection with the 2009 Equity Incentive Plan, during the nine months ended September 30, 2018, we issued 192 shares of restricted common stock for awards granted in 2018. There were no performance shares issued during the nine months ended September 30, 2018 related to awards provisioned in prior years.

Basic earnings per share is based on the weighted average number of shares outstanding and excludes the dilutive effect of common stock equivalents. Diluted earnings per share is based on the weighted average number of shares outstanding and includes the dilutive effect of common stock equivalents to the extent they are not anti-dilutive. Because the Company is in a net loss position for both the three and nine months ended September 30, 2018, diluted net loss per share for this period excludes the effects of common stock equivalents, which are anti-dilutive.

The details of the earnings per share calculations for the three and nine months ended September 30, 2018 and 2017 are as follows:


	Three months ended				Nine months ended
	September 30,				September 30,
	2018		2017		2018		2017
	(in thousands, except per share data)				(in thousands, except per share data)
Net income (loss)	$	(908)	$	2,755	$	(118)	$	3,438
Weighted average common shares outstanding:
Basic		39,922		39,811		39,924		39,792
Incremental shares with dilutive effect:
Restricted stock awards		—		10		—		10
Diluted		39,922		39,821		39,924		39,802

Net income (loss) per share:
Basic	$	(0.02)	$	0.07	$	(0.00)	$	0.09
Diluted	$	(0.02)	$	0.07	$	(0.00)	$	0.09