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,
	2019			2018			2017
Numerator:
Net income (loss)	$	23,635		$	24,635		$	(14,880	)
Less: Net income (loss) attributable to noncontrolling interest	(4,320		)	(2,411		)	(2,811		)
Net income (loss) attributable to On Deck Capital, Inc. common stockholders	$	27,955		$	27,046		$	(12,069	)
Denominator:
Weighted-average common shares outstanding, basic	74,148,387			74,561,019			72,890,313
Net income (loss) per common share, basic	$	0.38		$	0.36		$	(0.17	)
Effect of dilutive securities	2,815,362			3,988,921			—
Weighted-average common shares outstanding, diluted	76,963,749			78,549,940			72,890,313
Net income (loss) per common share, diluted	$	0.36		$	0.34		$	(0.17	)
Anti-dilutive securities excluded	6,491,071			5,423,547			11,410,980

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 RSUs, 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:



	Year Ended December 31,
Dilutive Common Share Equivalents	2019	2018	2017
Weighted-average common shares outstanding	74,148,387	74,561,019	72,890,313
RSUs and PRSUs	559,257	1,145,311	—
Stock options	2,234,490	2,843,610	—
Employee stock purchase plan	21,615	—	—
Total dilutive common share equivalents	76,963,749	78,549,940	72,890,313

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, 2019, 2018 and 2017.



	Year Ended December 31,
	2019	2018	2017
Anti-Dilutive Common Share Equivalents
Warrants to purchase common stock	—	22,000	22,000
RSUs and PRSUs	1,823,538	702,024	3,342,640
Stock options	4,215,151	4,525,996	7,918,853
Employee stock purchase plan	452,382	173,527	127,487
Total anti-dilutive common share equivalents	6,491,071	5,423,547	11,410,980

On July 29, 2019 we announced that 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 twelve months ended December 31, 2019 we repurchased 10,694,556 shares of common stock for $44.0 million.

On February 11, 2020 we announced that our Board of Directors authorized the repurchase of up to an additional $50 million of common stock under the repurchase program described above, with no expiration on the additional authorization. See Note 16 of Notes to Consolidated Financial Statements.