Note 11 – Earnings per Share (share counts in thousands)

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. For the three and nine months ended September 30, 2019, the anti-dilutive effect of our securities is immaterial. Because the Company is in a net loss position for the three and nine months ended September 30, 2018, diluted net loss per share for these periods exclude 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, 2019 and 2018 are as follows:


	Three months ended				Nine months ended
	September 30,				September 30,
in thousands, except per share data	2019		2018		2019		2018
Net income (loss)	$	11,872	$	(908)	$	3,739	$	(118)
Weighted average common shares outstanding:
Basic		40,062		39,922		40,037		39,924
Incremental shares with dilutive effect:
Restricted stock awards		67		—		62		—
Diluted		40,129		39,922		40,099		39,924

Net income (loss) per share:
Basic	$	0.30	$	(0.02)	$	0.09	$	(0.00)
Diluted	$	0.30	$	(0.02)	$	0.09	$	(0.00)