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Earnings (Loss) Per Share
 3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share

14. EARNINGS (LOSS) PER SHARE

A summary of the calculation of basic and diluted earnings (loss) per share for the three months ended March 31, 2019 and 2018 is as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands, except per share amounts)

 

2019

 

 

2018

 

Numerator

 

 

 

 

 

 

 

 

Net income (loss)

 

$

770

 

 

$

(10,814

)

Denominator

 

 

 

 

 

 

 

 

Weighted average number of shares – basic

 

 

47,782

 

 

 

48,232

 

Effect of dilutive securities

 

 

 

 

 

 

 

 

Stock options

 

 

—

 

 

 

—

 

PSUs, RSUs and restricted stock

 

 

71

 

 

 

—

 

Weighted average number of shares – diluted

 

 

47,853

 

 

 

48,232

 

Earnings (loss) per share – basic

 

$

0.02

 

 

$

(0.22

)

Earnings (loss) per share – diluted

 

$

0.02

 

 

$

(0.22

)

 

For the three months ended March 31, 2019 and 2018, 2.9 million and 4.8 million stock options were outstanding but were not included in the computation of diluted earnings (loss) per share because the stock options’ exercise prices were greater than the average market price of the common shares, therefore making them anti-dilutive under the treasury stock method.