Net Income (Loss) Per Common Share

Basic and diluted net income (loss) per common share is calculated as follows (in thousands, except share and per share data):



	Year Ended December 31,
	2018			2017			2016
Numerator:
Net Income (loss)	$	25,270		$	(14,345	)	$	(85,482	)
Less: Net income (loss) attributable to noncontrolling interest	(2,411		)	(2,811		)	(2,524		)
Net income (loss) attributable to On Deck Capital, Inc. common stockholders	$	27,681		$	(11,534	)	$	(82,958	)
Denominator:
Weighted-average common shares outstanding, basic	74,561,019			72,890,313			70,934,937
Net income (loss) per common share, basic	$	0.37		$	(0.16	)	$	(1.17	)
Effect of dilutive securities	3,988,921			—			—
Weighted-average common shares outstanding, diluted	78,549,940			72,890,313			70,934,937
Net income (loss) per common share, diluted	$	0.35		$	(0.16	)	$	(1.17	)
Anti-dilutive securities excluded	5,423,547			11,410,980			15,580,272

The difference between basic and diluted net income per common share has been calculated using the Treasury Stock Method based on the assumed exercise of outstanding stock options, the vesting of restricted stock awards, and the issuance of stock under our employee stock purchase plan. For the twelve months ended December 31, 2017 and 2016 the effects of potentially dilutive items were anti-dilutive given our net losses. The following common share equivalent securities have been included in the calculation of dilutive weighted-average common shares outstanding:



	Year Ended December 31,
Dilutive Common Share Equivalents	2018	2017	2016
Weighted-average common shares outstanding	74,561,019	72,890,313	70,934,937
Restricted stock units	1,145,311	—	—
Stock options	2,843,610	—	—
Total dilutive common share equivalents	78,549,940	72,890,313	70,934,937

The following common share equivalent securities were excluded from the calculation of diluted net income per share attributable to common stockholders. Their effect would have been antidilutive for the twelve months ended December 31, 2018, 2017, and 2016.



	Year Ended December 31,
	2018	2017	2016
Anti-Dilutive Common Share Equivalents
Warrants to purchase common stock	22,000	22,000	22,000
Restricted stock units	702,024	3,342,640	3,888,768
Stock options	4,525,996	7,918,853	11,426,296
Employee stock purchase plan	173,527	127,487	243,208
Total anti-dilutive common share equivalents	5,423,547	11,410,980	15,580,272

The weighted-average exercise price for warrants to purchase 22,000 shares of common stock was $14.50 as of December 31, 2018. For the year ended December 31, 2017 a warrant to purchase 1,985,846 shares of common stock was excluded from anti-dilutive common share equivalents as performance conditions had not been met. That warrant expired unexercised in 2018.