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):



	Three Months Ended March 31,
	2019			2018
Numerator:
Net Income (loss)	$	5,520		$	(2,436	)
Less: Net income (loss) attributable to noncontrolling interest	(338		)	(518		)
Net income (loss) attributable to On Deck Capital, Inc. common stockholders	$	5,858		$	(1,918	)
Denominator:
Weighted-average common shares outstanding, basic	75,539,535			73,977,241
Net income (loss) per common share, basic	$	0.08		$	(0.03	)
Effect of dilutive securities	3,575,502			—
Weighted-average common shares outstanding, diluted	79,115,037			73,977,241
Net income (loss) per common share, diluted	$	0.07		$	(0.03	)
Anti-dilutive securities excluded	4,863,474			12,163,804

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 units, or RSUs, performance restricted stock units, or PRSUs, and the issuance of stock under our employee stock purchase plan. For the three months ended March 31, 2018 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:



	Three Months Ended March 31,
Dilutive Common Share Equivalents	2019	2018
Weighted-average common shares outstanding	75,539,535	73,977,241
RSUs and PRSUs	1,024,301	—
Stock options	2,549,887	—
Employee stock purchase plan	1,314	—
Total dilutive common share equivalents	79,115,037	73,977,241

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 three months ended March 31, 2019 and 2018.



	Three Months Ended March 31,
	2019	2018
Anti-Dilutive Common Share Equivalents
Warrants to purchase common stock	22,000	22,000
RSUs and PRSUs	669,075	3,874,666
Stock options	4,172,399	8,234,689
Employee stock purchase plan	—	32,449
Total anti-dilutive common share equivalents	4,863,474	12,163,804

The weighted-average exercise price for warrants to purchase 22,000 shares of common stock was $14.50 as of March 31, 2019.