3. Earnings Per Common Share

We report basic earnings per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share, which includes the effect of all potentially dilutive securities unless their impact is antidilutive. The following table provides a reconciliation of the numerators and denominators of our basic and diluted earnings per share (dollars in thousands, except per-share amounts).

	Three Months Ended March 31,
	2018			2017
Income (numerator):
Net loss – basic	$	(7,446	)	$	(140,768	)

Weighted average shares (denominator):
Weighted average shares – basic		94,516,280			70,409,303
Dilution effect of share-based compensation, treasury method (1)		—			—
Weighted average shares – diluted		94,516,280			70,409,303

Net loss per share:
Basic	$	(0.08	)	$	(2.00	)
Diluted	$	(0.08	)	$	(2.00	)

(1)	Approximately 39,000 options to purchase our common stock were excluded from this calculation because they were antidilutive for the three months ended March 31, 2017. No options were outstanding as of March 31, 2018, as they had expired.