Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2020

Income (Loss) Per Common Share

Income (Loss) Per Common Share

Note 2 — Income (Loss) Per Common Share

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Diluted income per share is calculated by dividing net income by the weighted average number of shares used to calculate basic income (loss) per share plus the weighted average number of common share equivalents outstanding during the period. The dilutive effect of outstanding options to purchase common stock and share-based awards is considered in diluted income per share by application of the treasury stock method. The dilutive effect of performance share units is included in diluted income per common share if the performance targets have been achieved, or would have been achieved if the reporting date was the end of the contingency period. The computations of basic and diluted income (loss) per share for the three and nine months ended September 30, 2020 and 2019 are as follows:

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(in thousands, except per share amounts)
Net income (loss)	$	580	$	(11,767)	$	(8,290)	$	(45,862)
Net income (loss) per common share:
Basic	$	0.01	$	(0.25)	$	(0.17)	$	(0.97)
Diluted	$	0.01	$	(0.25)	$	(0.17)	$	(0.97)
Basic weighted average shares outstanding		48,341		47,489		48,327		47,361
Effect of potentially dilutive share-based awards		833		—		—		—
Diluted weighted average shares outstanding		49,174		47,489		48,327		47,361
Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive		N/A		403		650		302
Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive		984		1,874		1,029		1,893
Maximum potential shares to be issued for settlement of the 2023 and 2027 Notes excluded from the diluted calculation as their effect would be antidilutive		15,354		8,618		15,354		8,618