EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income or loss by the weighted-average number of shares of common stock outstanding during the period. For purposes of determining diluted earnings per share, basic weighted-average common shares outstanding is adjusted to include potentially dilutive securities, including restricted stock, stock options, and performance units. The treasury-stock method is used to measure the dilutive impact of potentially dilutive shares. Potentially dilutive shares are excluded from the diluted weighted-average shares outstanding computation in periods in which they have an anti-dilutive effect. The following table shows the calculation of basic and diluted earnings (loss) per share (in thousands, except per share amounts):



	Year Ended December 31,
	2018		2017			2016
Net income (loss)	$	11,783	$	(22,567	)	$	(64,183	)

Basic weighted average common shares outstanding	128,071		115,709			75,819
Add: Dilutive effect restricted common stock	1,982		—			—
Add: Dilutive effect of stock options outstanding	933		—			—
Diluted weighted average common shares outstanding	130,986		115,709			75,819

Earnings per share:
Basic	0.09		$	(0.20	)	$	(0.85	)
Diluted	0.09		$	(0.20	)	$	(0.85	)

The following table shows anti-dilutive shares excluded from the calculation of diluted loss per share (in thousands):



	Year Ended December 31,
	2018	2017	2016
Anti-dilutive effect of restricted shares	—	3,328	993
Anti-dilutive effect of stock options outstanding	1,452	1,711	469
Anti-dilutive effect of performance units	—	63	127