Earnings per Share

12 Months Ended

Dec. 31, 2019

Note 11 — Earnings per Share

The computations of basic and diluted EPS are set forth below:


	For the Years Ended December 31,
	2019			2018			2017
	(in thousands, except per share amounts)
Numerator for basic and diluted EPS — net income (loss)	$	10,978		$	39,222		$	(26,651)
Denominator for basic EPS — weighted average number of shares	24,025			26,813			32,075
Add — dilutive effect of:
Restricted stock units and Cogent Earnout shares	247		(1)	825		(1)	—		(1)
Denominator for diluted EPS — weighted average number of shares and dilutive securities	24,272			27,638			32,075
Earnings (loss) per share:
Basic EPS	$	0.46		$	1.46		$	(0.83)
Diluted EPS	$	0.45		$	1.42		$	(0.83)

For the year ended December 31, 2018, the weighted average number of shares and dilutive potential shares included 334,048 shares of common stock that were to be issued to certain selling unitholders of Cogent in April 2019 as the revenue target related to the Earnout was achieved during the quarter ended September 30, 2018. See “Note 7 — Fair Value of Financial Instruments”.

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(1) Excludes 1,480,056, 672,518 and 2,617,043 outstanding restricted stock units that were antidilutive under the treasury stock method for the years ended December 31, 2019, 2018 and 2017, respectively, and thus were not included in the above calculation. As a result of the loss in the year ended December 31, 2017, this represented all unamortized restricted stock units. The incremental shares that could be included in the diluted EPS calculation in future periods will vary based on a variety of factors, including the future share price and the amount of unrecognized compensation cost. The incremental shares included, if any, would be less than the number of outstanding restricted stock units.