4. (LOSS) / INCOME PER COMMON SHARE

The computation of basic (loss) / income 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 warrants, 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 (loss) / income per common share was as follows (in thousands, except per share amounts):


	For the Years Ended December 31,

	2017		2016		2015
Basic net (loss) / income per share:
Numerator:
Net (Loss) / Income	$	(168,541)	$	67,306	$	129,569
Denominator:
Weighted-average shares outstanding, basic		83,003		82,705		62,779

Basic net (loss) / income per share	$	(2.03)	$	0.81	$	2.06

Diluted net (loss) / income per share:
Numerator:
Net (Loss) / Income	$	(168,541)	$	67,306	$	129,569
Denominator:
Weighted-average shares outstanding, basic		83,003		82,705		62,779
Add:
Restricted stock units		—		—		334
Stock options		—		—		—
Weighted-average shares outstanding, diluted		83,003		82,705		63,113

Diluted net (loss) / income per share:	$	(2.03)	$	0.81	$	2.05

Options to purchase 343,662 shares of common stock, which were granted under the 2012 Equity Incentive Plan, were surrendered and cancelled on June 24, 2015. They were therefore excluded from the above calculation for the years ended December 31, 2017, 2016 and 2015, because the impact is anti-dilutive and the options have expired. Options to purchase 309,296 shares of common stock, which expired on May 7, 2017, were excluded from the above calculation for the years ended December 31, 2017, 2016 and 2015, because the impact is anti-dilutive and the options have expired. Warrants to purchase 1,431,520 shares (1,600,000 warrants converted at 0.8947 shares) of common stock and options to purchase 13,420 shares of common stock, which expired on July 8, 2017, were also excluded from the above calculation for the years ended December 31, 2017, 2016 and 2015, because certain market conditions were not met or expired.

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 final remaining RSUs will vest on December 1, 2018, or, if earlier, the consummation of the Merger, subject to employment with the Company through the applicable vesting date. On December 5, 2017, the Company issued 278,480 shares in settlement of RSUs that had vested on December 1, 2017. As of December 31, 2017, 44,919 RSUs were forfeited and 317,757 shares are remaining to be issued in 2018, following the vesting date for the final 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. On May 16, 2017, the RSUs vested and the Company issued 28,752 shares in settlement of the RSUs.

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 earliest of (a) the date of the Company’s next annual meeting of shareholders, (b) the date that is 30 days following the first anniversary of the grant date and (c) the consummation of the Merger, subject to the director’s continued service with the Company through the applicable vesting date.

The RSUs granted in June 2015, September 2016 and September 2017 were excluded in determining the diluted net (loss) / income per share for the years ended December 31, 2017 and 2016, 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 (loss) / income per share for the year ended December 31, 2017, because the impact is anti-dilutive. See Note 17, Stock Based Compensation, for more details.