Earnings per Common Share

12 Months Ended

Dec. 31, 2017

Earnings per Common Share

Earnings per Common Share

Note 9 – Earnings per Common Share

Basic earnings per share is based on the weighted average number of shares outstanding and excludes the dilutive effect of unvested common stock equivalents (45 shares in 2017). Diluted earnings per share is based on the weighted average number of shares outstanding and includes the dilutive effect of unvested common stock equivalents to the extent they are not anti-dilutive. A reconciliation of the shares included in the basic and fully diluted earnings per share calculations is as follows:

	For the year ended December 31,
	2017		2016		2015
Net income	$	(22,399)	$	10,514	$	42,151
Weighted average common shares outstanding:
Basic		39,802		39,719		39,568
Incremental shares with dilutive effect:
Restricted stock awards		—		63		168
Diluted		39,802		39,782		39,736
Basic income (loss) per share:
Total net income (loss) per share	$	(0.56)	$	0.27	$	1.07
Diluted income (loss) per share:
Total net income (loss) per share	$	(0.56)	$	0.27	$	1.06