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 September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Numerator:
Net income (loss)	$	8,142		$	9,338		$	15,638		$	11,374
Less: Net income (loss) attributable to noncontrolling interest	(542		)	(272		)	(3,007		)	(1,807		)
Net income (loss) attributable to On Deck Capital, Inc. common stockholders	$	8,684		$	9,610		$	18,645		$	13,181
Denominator:
Weighted-average common shares outstanding, basic	75,433,008			74,715,592			75,722,117			74,362,211
Net income (loss) per common share, basic	$	0.12		$	0.13		$	0.25		$	0.18
Effect of dilutive securities	2,325,273			4,656,899			2,854,782			3,952,508
Weighted-average common shares outstanding, diluted	77,758,281			79,372,491			78,576,899			78,314,719
Net income (loss) per common share, diluted	$	0.11		$	0.12		$	0.24		$	0.17
Anti-dilutive securities excluded	8,184,291			3,020,562			6,628,241			5,169,484

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. Changes in the average market price of our stock can impact when stock equivalents are considered dilutive or anti-dilutive. For example, in periods of a declining stock price, stock equivalents have a greater likelihood of being recharacterized from dilutive to anti-dilutive. The following common share equivalent securities have been included in the calculation of dilutive weighted-average common shares outstanding:



	Three Months Ended September 30,		Nine Months Ended September 30,
Dilutive Common Share Equivalents	2019	2018	2019	2018
Weighted-average common shares outstanding	75,433,008	74,715,592	75,722,117	74,362,211
RSUs and PRSUs	254,262	1,616,072	562,381	1,083,237
Stock options	2,071,011	3,040,827	2,286,727	2,869,271
Employee stock purchase plan	—	—	5,674	—
Total dilutive common share equivalents	77,758,281	79,372,491	78,576,899	78,314,719

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 and nine months ended September 30, 2019 and 2018.



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
Anti-Dilutive Common Share Equivalents
Warrants to purchase common stock	—	22,000	—	22,000
RSUs and PRSUs	3,099,262	124,582	1,890,242	527,326
Stock options	4,498,581	2,840,298	4,151,551	4,586,476
Employee stock purchase plan	586,448	33,682	586,448	33,682
Total anti-dilutive common share equivalents	8,184,291	3,020,562	6,628,241	5,169,484

Our Board of Directors authorized the repurchase of up to $50 million of common stock with the repurchased shares to be retained as treasury stock and available for possible reissuance. Any share repurchases under the program will be made from time to time in the open market, in privately negotiated transactions or otherwise. The timing and amount of any share repurchases will be subject to market conditions and other factors as we may determine. The repurchase authorization expires August 31, 2020, however, we may suspend, modify or discontinue the program at any time in our discretion without prior notice. During the three months ended September 30, 2019 we repurchased 3,204,462 shares of common stock for $11.0 million.