11. Earnings per common share:

The following table reconciles the numerators and denominators of the basic and diluted earnings per common share computations (in thousands, except share and per share data).


	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Basic:
Net (loss) income	$	(9,770	)	$	(14,879	)	$	(20,479	)	$	33,446
Weighted average common shares outstanding		59,400,317			55,388,774			58,735,351			54,949,901

Basic (loss) income per common share	$	(0.16	)	$	(0.27	)	$	(0.35	)	$	0.61

Diluted:
Effect of dilutive securities:
Net (loss) income	$	(9,770	)	$	(14,879	)	$	(20,479	)	$	33,446

Weighted average common shares outstanding		59,400,317			55,388,774			58,735,351			54,949,901
Effect of dilutive options and warrants		—			—			—			886,868

Diluted weighted average common shares outstanding		59,400,317			55,388,774			58,735,351			55,836,769

Diluted (loss) income per common share	$	(0.16	)	$	(0.27	)	$	(0.35	)	$	0.60

Basic earnings per common share is calculated using the weighted average shares of Common Stock outstanding during the period. In addition to the weighted average shares of Common Stock outstanding, common equivalent shares from stock options, RSUs, warrants and preferred shares using the treasury stock method, are included in the diluted per share calculations unless the effect of inclusion would be antidilutive. During the three months ended June 30, 2018 and 2017, outstanding stock options, RSUs, warrants and preferred shares of 23,849,633 and 10,037,017, respectively, were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect. During the six months ended June 30, 2018 and 2017, outstanding stock options, RSUs, warrants and preferred shares of 17,334,492 and 7,747,726, respectively, were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect. Included in the three and six months ended June 30, 2018 are the Series B shares as converted to common stock.