Earnings Per Share

9 Months Ended

Sep. 30, 2018

12. EARNINGS PER SHARE

A summary of the calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2018 and 2017 is as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share amounts)	2018		2017		2018			2017
Numerator
Net income (loss)	$	7,589	$	15,898	$	(10,895	)	$	34,950
Denominator
Weighted average number of shares – basic		47,710		47,870		47,927			48,110
Effect of dilutive securities
Stock options		27		487		—			385
PSUs, RSUs and restricted stock		97		174		—			123
Weighted average number of shares – diluted		47,834		48,531		47,927			48,618
Net income (loss) per share – basic	$	0.16	$	0.33	$	(0.23	)	$	0.73
Net income (loss) per share – diluted	$	0.16	$	0.33	$	(0.23	)	$	0.72

Anti-dilutive options to purchase common stock outstanding were excluded from the above calculations. Anti-dilutive options totaled 3.9 million and 3.2 million for the three months ended September 30, 2018 and 2017, respectively, and 4.8 million and 3.9 million for the nine months ended September 30, 2018 and 2017. As a result of the net loss for the nine months ended September 30, 2018, we excluded 0.1 million of unvested stock options, PSUs, RSUs and restricted stock from the calculation of diluted EPS due to their anti-dilutive effect.