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Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2020

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, 2020 and 2019 is as follows:

	Three Months Ended
	March 31,
(In thousands, except per share amounts)	2020			2019
Numerator
Net income (loss)	$	(9,969	)	$	770
Denominator
Weighted average number of shares – basic		47,957			47,782
Effect of dilutive securities
PSUs, RSUs and restricted stock		—			71
Weighted average number of shares – diluted		47,957			47,853
Earnings (loss) per share – basic	$	(0.21	)	$	0.02
Earnings (loss) per share – diluted	$	(0.21	)	$	0.02

For the three months ended March 31, 2020, 0.4 million shares of unvested PSUs, RSUs and restricted stock were excluded from the calculation of diluted earnings per share due to their anti-dilutive effect.

For the three months ended March 31, 2020 and 2019, 5.9 million and 2.9 million stock options, respectively, 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.