Earnings per Share

9 Months Ended

Sep. 30, 2020

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


	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2020			2019		2020			2019
	(in thousands, except per share amounts, unaudited)
Numerator for basic and diluted EPS — net income (loss)	$	(9,375)		$	14,929	$	(31,916)		$	(13,154)
Denominator for basic EPS — weighted average number of shares	18,963			23,546		18,918			24,202
Add — dilutive effect of:
Restricted stock units	—		(1)	2		—		(1)	—		(1)
Denominator for diluted EPS — weighted average number of shares and dilutive securities	18,963		(1)	23,548		18,918		(1)	24,202		(1)
Earnings (loss) per share:
Basic EPS	$	(0.49)		$	0.63	$	(1.69)		$	(0.54)
Diluted EPS	$	(0.49)		$	0.63	$	(1.69)		$	(0.54)

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(1) In periods of income, the fully diluted denominator for diluted EPS would have been 22,284,299 for the three months ended September 30, 2020, and 22,507,310 and 24,519,574 for the nine months ended September 30, 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	3,915,997	8.79		2,213,529	22.90
Delivered	(1,844,617)	26.61		(1,392,406)	27.79
Forfeited	(240,334)	15.42		(218,219)	23.31
Outstanding, September 30,	8,612,521	$	14.83	6,813,186	$	21.34