Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2019

13. EARNINGS (LOSS) PER SHARE

A summary of the calculation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2019 and 2018 is as follows:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In thousands, except per share amounts)	2019		2018			2019		2018
Numerator
Net income (loss)	$	3,995	$	(7,670	)	$	4,765	$	(18,484	)
Denominator
Weighted average number of shares – basic		47,802		47,856			47,792		48,043
Effect of dilutive securities
Stock options		7		—			—		—
PSUs, RSUs and restricted stock		227		—			147		—
Weighted average number of shares – diluted		48,036		47,856			47,939		48,043
Earnings (loss) per share – basic	$	0.08	$	(0.16	)	$	0.10	$	(0.38	)
Earnings (loss) per share – diluted	$	0.08	$	(0.16	)	$	0.10	$	(0.38	)

For the three months ended June 30, 2019 and 2018, 1.9 million and 5.0 million, respectively, and for the six months ended June 30, 2019 and 2018, 2.3 million and 4.8 million, respectively, 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, during the applicable periods, therefore making them anti-dilutive under the treasury stock method. For the three months ended June 30, 2019 and 2018, 15,000 and 0.1 million, respectively, and for both the six months ended June 30, 2019 and 2018, 0.1 million PSUs, RSUs and restricted stock awards were not included in the computation of diluted earnings (loss) per share because the weighted average assumed proceeds per share were greater than the average market price of the common shares, during the applicable periods, therefore making them anti-dilutive under the treasury stock method.