Earnings per Share

3 Months Ended

Mar. 31, 2020

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


	For the Three Months Ended March 31,
	2020			2019
	(in thousands, except per share amounts, unaudited)
Numerator for basic and diluted EPS — net income (loss)	$	(7,573)		$	(15,386)
Denominator for basic EPS — weighted average number of shares	18,905			23,956
Add — dilutive effect of:
Restricted stock units	—		(1)	—		(1)
Denominator for diluted EPS — weighted average number of shares and dilutive securities	18,905		(1)	23,956		(1)
Earnings (loss) per share:
Basic EPS	$	(0.40)		$	(0.64)
Diluted EPS	$	(0.40)		$	(0.64)

The weighted average number of shares for basic EPS for the three months ended March 31, 2019 include 334,048 shares of common stock, which were issued to certain selling unitholders of Cogent in April 2019, due to the achievement of the earnout for the two year period ended March 31, 2019.

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(1) In periods of income, the fully diluted denominator for diluted EPS would have been 21,969,654 and 24,612,969 for the three months ended March 31, 2020 and 2019, respectively. The calculation of the diluted EPS denominator in periods of income is based on the weighted average number of incremental shares issuable from unvested restricted stock units as calculated using the treasury stock method and will vary based on a variety of factors, including the future share price and the amount of unrecognized compensation cost.

The activity related to the restricted stock units is set forth below:


	Restricted Stock Units Outstanding
	2020				2019
	Units	Grant Date Weighted Average Fair Value		Units	Grant Date Weighted Average Fair Value
Outstanding, January 1,	6,781,475	$	21.60	6,210,282	$	22.73
Granted	2,835,498	8.26		1,691,387	25.27
Delivered	(1,571,070)	26.14		(1,241,970)	27.82
Forfeited	(2,139)	25.21		(143,864)	22.80
Outstanding, March 31,	8,043,764	$	15.95	6,515,835	$	22.40