EARNINGS PER SHARE

Basic and diluted earnings per common share (“EPS”) for the three and nine months ended September 30, 2017 and 2016 were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
	(in thousands)
Numerator:
Net income (loss) attributable to common
stockholders	$	(2,263	)	$	(5,352	)	$	22,978		$	12,744
Less: adjustment for income allocated to participating
securities	—			—			(3,642		)	(2,018		)
Net income (loss) attributable to common
stockholders - basic and diluted	$	(2,263	)	$	(5,352	)	$	19,336		$	10,726
Denominator:
Weighted average common shares outstanding - basic	71,895			73,493			73,212			73,323
Plus: dilutive effect of stock options and unvested
restricted stock units	—			—			948			1,407
Weighted average common shares outstanding -
diluted	71,895			73,493			74,160			74,730

Net income (loss) per common share:
Basic	$	(0.03	)	$	(0.07	)	$	0.26		$	0.15
Diluted	$	(0.03	)	$	(0.07	)	$	0.26		$	0.14

Diluted EPS is calculated using the two-class method. For the three months ended September 30, 2016, 1.7 million options and restricted stock units were excluded from the calculation of diluted EPS under the two-class method because the effect was anti-dilutive. For the nine months ended September 30, 2017, 0.7 million stock options and RSUs, and all potentially convertible Series A Preferred Stock shares were excluded from the calculation of diluted EPS under the two-class method because the effect would be anti-dilutive. If converted, Series A Preferred Stock would represent approximately 16.1% of the Company’s common stock outstanding, or 13.8 million additional common shares as of September 30, 2017.