Net Income (Loss) Per Share

Basic net income (loss) per share is computed using the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed by adjusting the weighted-average number of common shares outstanding for the effect of dilutive potential common shares outstanding during the period. Potential common shares included in the diluted calculation consist of incremental shares issuable upon the exercise of outstanding stock options calculated using the treasury stock method.

The following table sets forth the calculation of basic and diluted net income per share (in thousands, except per share amounts):



	Three Months Ended
	March 31,
	2020			2019
Numerator:
Net income (loss) attributable to Travelzoo—continuing operations	$	(3,690	)	$	4,945
Net income (loss) attributable to Travelzoo—discontinued operations	$	(2,919	)	$	(1,825	)
Denominator:
Weighted average common shares—basic	11,439			11,914
Effect of dilutive securities: stock options	—			310
Weighted average common shares—diluted	11,439			12,224

Income (loss) per share—basic
Continuing operations	$	(0.32	)	$	0.41
Discontinued operations	(0.26		)	(0.15		)
Net income (loss) per share —basic	$	(0.58	)	$	0.26

Income (loss) per share—diluted
Continuing operations	$	(0.32	)	$	0.41
Discontinued operations	(0.26		)	(0.15		)
Net income (loss) per share—diluted	$	(0.58	)	$	0.26

For the three months ended March 31, 2020, options to purchase 700,000 shares of common stock were not included in the computation of diluted net income per share. For the three months ended March 31, 2019, options to purchase 150,000 shares of common stock were not included in the computation of diluted net income per share because the effect would have been anti-dilutive.