3. (LOSS) / INCOME PER COMMON SHARE

The computation of basic income (loss) per share is based on the weighted-average number of common shares outstanding during the period. The computation of diluted net income (loss) 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 net income (loss) per common share was as follows (in thousands, except per share amounts):


	For the Three Months				For the Six Months
	Ended June 30,				Ended June 30,
	2017		2016		2017		2016
Basic net (loss) / income per share:
Numerator:
Net (Loss) / Income	$	(82,545)	$	37,995	$	(55,681)	$	98,853
Denominator:
Weighted-average shares outstanding, basic		82,979		82,681		82,970		82,681

Basic net (loss) / income per share	$	(0.99)	$	0.46	$	(0.67)	$	1.20

Diluted net (loss) / income per share:
Numerator:
Net (Loss) / Income	$	(82,545)	$	37,995	$	(55,681)	$	98,853
Denominator:
Weighted-average shares outstanding, basic		82,979		82,681		82,970		82,681
Add:
Restricted stock units		—		—		—		—
Stock options		—		—		—		—
Weighted-average shares outstanding, diluted		82,979		82,681		82,970		82,681

Diluted net (loss) / income per share:	$	(0.99)	$	0.46	$	(0.67)	$	1.20

Options to purchase 309,296 shares of common stock, which expired on May 7, 2017, were excluded from the above calculation for the three and six months ended June 30, 2017 and 2016, because the impact is anti-dilutive. Options to purchase 13,420 shares of common stock, which expired on July 8, 2017, were also excluded from the above calculation for the three and six months ended June 30, 2017 and 2016, because certain market conditions have not been met.

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. As of June 30, 2017, 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 were valued at $6.26 per share. On May 16, 2017, the RSUs vested and the Company issued 28,752 shares.

On May 16, 2017, in accordance with the Company’s amended 2012 Equity Incentive Plan, the Company granted certain non-employee directors 44,856 RSUs. The RSUs, which were valued at $5.35 per share, will generally vest on the earlier of (a) the date of the Company’s next annual meeting of shareholders and (b) the date that is 30 days following the first anniversary of the grant date, subject to the director’s continued service with the Company through the applicable vesting date.

For the three and six months ended June 30, 2017, weighted-average RSUs outstanding of 785,258 and 699,583, respectively, were excluded in determining the diluted net income (loss) per share, because the impact is anti-dilutive. For both the three and six months ended June 30, 2016, weighted-average RSUs outstanding of 1,044,196, were excluded in determining the diluted net income (loss) per share, because the impact is anti-dilutive.

On January 5, 2017, Peter C. Georgiopoulos, Chief Executive Officer and Chairman of the Board of the Company and Leonard J. Vrondissis, Executive Vice President, Secretary and Chief Financial Officer of the Company were each granted awards of stock options, pursuant to the Company’s amended 2012 Equity Incentive Plan. Mr. Georgiopoulos received stock options to purchase 500,000 shares of common stock. Mr. Vrondissis received stock options to purchase 25,000 shares of common stock. The stock options granted were excluded in determining the diluted net income (loss) per share for the three and six months ended June 30, 2017, because the impact is anti-dilutive. See Note 15, Stock Based Compensation, for more details.