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Earnings (Loss) per Share
 12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Earnings (Loss) per Share

Note 16 – Earnings (Loss) per Share

A summary of the calculation of basic and diluted earnings (loss) per share for the years ended December 31, 2018, 2017 and 2016 is as follows:

 

(In thousands, except for per share amounts)

 

2018

 

 

2017

 

 

2016

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

(19,342

)

 

$

23,840

 

 

$

35,229

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares – basic

 

 

47,880

 

 

 

48,153

 

 

 

48,724

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

—

 

 

 

406

 

 

 

170

 

Restricted stock and restricted stock units

 

 

—

 

 

 

140

 

 

 

55

 

Weighted average number of shares – diluted

 

$

47,880

 

 

$

48,699

 

 

$

48,949

 

Earnings (loss)  per share – basic

 

$

(0.40

)

 

$

0.50

 

 

$

0.72

 

Earnings (loss) per share – diluted

 

$

(0.40

)

 

$

0.49

 

 

$

0.72

 

 

For each of the years ended December 31, 2018, 2017 and 2016, 2.5 million, 3.2 million and 4.6 million stock options were outstanding but were not included in the computation of diluted earnings (loss) per share because the options’ exercise prices were greater than the average market price of the common shares, therefore making them anti-dilutive under the treasury stock method.  As a result of the net loss for the year ended December 31, 2018, we excluded 0.1 million of unvested stock options, PSU’s, RSU’s and restricted stock from the calculation of diluted EPS due to their anti-dilutive effect.