Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2019

14. EARNINGS (LOSS) PER SHARE

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

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In thousands, except per share amounts)	2019			2018		2019			2018
Numerator
Net income (loss)	$	(46,123	)	$	7,589	$	(41,358	)	$	(10,895	)
Denominator
Weighted average number of shares – basic		47,824			47,710		47,803			47,927
Effect of dilutive securities
Stock options		—			27		—			—
PSUs, RSUs and restricted stock		—			97		—			—
Weighted average number of shares – diluted		47,824			47,834		47,803			47,927
Earnings (loss) per share – basic	$	(0.96	)	$	0.16	$	(0.87	)	$	(0.23	)
Earnings (loss) per share – diluted	$	(0.96	)	$	0.16	$	(0.87	)	$	(0.23	)

For the three months ended September 30, 2018, 1.8 million stock options were outstanding but were not included in the computation of diluted earnings per share. These stock options were excluded because their exercise prices were greater than the average market price of the common shares, during the quarter, therefore making them anti-dilutive under the treasury stock method.

As a result of the net loss for the three months ended September 30, 2019, and for the nine months ended September 30, 2019 and 2018, 4.1 million, 3.0 million and 2.3 million, respectively, shares of unvested stock options, PSUs, RSUs and restricted stock were excluded from the calculation of diluted EPS due to their anti-dilutive effect.