4. INCOME (LOSS) PER COMMON SHARE

The computation of basic income (loss) per share is based on the weighted-average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the exercise of all dilutive stock options using the treasury stock method and the lapsing of restrictions on unvested restricted stock awards, for which the assumed proceeds upon lapsing the restrictions are deemed to be the amount of compensation cost attributable to future services and not yet recognized using the treasury stock method, to the extent dilutive.

The reconciliation of basic to diluted income (loss) per common share was as follows (in thousands, except per share amounts):


	For the Years Ended December 31,
	2016		2015		2014
					Class A		Class B
Basic net income / (loss) per share:
Numerator:
Net Income / (Loss)	$	67,306	$	129,569	$	(17,402)	$	(29,682)
Denominator:
Weighted-average shares outstanding, basic		82,705		62,779		11,270		19,223

Basic net income / (loss) per share	$	0.81	$	2.06	$	(1.54)	$	(1.54)

Diluted net income / (loss) per share:
Numerator:
Net Income / (Loss)	$	67,306	$	129,569	$	(17,402)	$	(29,682)
Reallocation of net loss as a result of assumed conversion of Class B to Class A shares, diluted		—		—		(29,682)		—
Net Income / (Loss), diluted		67,306		129,569		(47,084)		(29,682)
Denominator:
Weighted-average shares outstanding, basic		82,705		62,779		11,270		19,223
Add:
Restricted stock units		—		334		—		—
Assumed conversion of Class B to Class A shares		—		—		19,223		—
Weighted-average shares outstanding, diluted		82,705		63,113		30,493		19,223

Diluted net income / (loss) per share	$	0.81	$	2.05	$	(1.54)	$	(1.54)

On May 7, 2015, all shares of Class A Common Stock and Class B Common Stock were converted on a one-to-one basis to a single class of common stock. Options to purchase 343,662 shares of Class A Common Stock were excluded from the above calculation for the years ended December 31, 2016, 2015 and 2014, because the impact is anti-dilutive. Options to purchase 309,296 shares of common stock were excluded from the above calculation for the years ended December 31, 2016, 2015 and 2014, because the impact is anti-dilutive. Warrants to purchase 1,431,520 shares (1,600,000 warrants converted at 0.8947 shares) of new common stock and options to purchase 13,420 shares of new common stock were excluded from the above calculation for the years ended December 31, 2016 and 2015, because certain market conditions have not been met. As a result of the conversion in 2015, and that both Class A Common Stock and Class B Common Stock had equal rights to earnings and losses, the 2015 presentation of net income per share combines Class A Common Stock, Class B Common Stock and new common stock.

Additionally, on June 24, 2015, in connection with the pricing of the Company’s IPO, the Company granted members of management restricted stock units (“RSUs”) of the Company’s common stock pursuant to the Company’s amended 2012 Equity Incentive Plan. The remaining RSUs will generally vest in tranches on December 1, 2017 and December 1, 2018, subject for each increment to employment with the Company through the applicable vesting date for such increment. On December 7, 2016, the Company issued 278,483 shares in settlement of RSUs that had vested on December 1, 2016. Since June 24, 2015 and as of December 31, 2015, 44,919 RSUs were forfeited and 953,279 shares are remaining to be issued in future years, following the vesting date for each increment. As of December 31, 2016, 44,919 RSUs were forfeited and 635,518 shares are remaining to be issued in future years, following the vesting date for each increment.

On September 9, 2016, in accordance with the Company’s amended 2012 Equity Incentive Plan, the Company granted certain non-employee directors 28,752 RSUs. The RSUs, which were valued at $6.26 per share, will generally vest on the earlier of (a) the date of the Company’s next annual meeting of shareholders and (b) the first anniversary of the RSU’s grant date, subject to continued service with the Company through the applicable vesting date.

The RSUs granted in June 2015 and September 2016 were excluded in determining the diluted net income / (loss) per share for the year ended December 31, 2016, because the impact is anti-dilutive.