Earnings per Share

9 Months Ended

Sep. 30, 2020

The following table sets forth the calculation of basic earnings per share and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019 (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic net (loss) income per share:
Net (loss) income	$	(145)	$	(272)	$	39,421	$	37,557
Weighted-average common shares outstanding during the period	30,857,617		33,468,556		31,621,039		43,323,602
Basic net (loss) income per share	$	—	$	(0.01)	$	1.25	$	0.87


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Diluted net (loss) income per share:
Net (loss) income	$	(145)	$	(272)	$	39,421	$	37,557


Basic shares outstanding during the period	30,857,617		33,468,556		31,621,039		43,323,602
Plus: Common stock equivalents associated with liability-based stock option awards	—		—		2,369,732		2,705,053
Diluted shares outstanding	30,857,617		33,468,556		33,990,771		46,028,655
Diluted net (loss) income per share	$	—	$	(0.01)	$	1.16	$	0.82

The computation of diluted shares outstanding excluded approximately 2.4 million of outstanding liability-based stock option awards for both the three and nine months ended September 30, 2020, and 10.5 million of outstanding stock warrants for both the three and nine months ended September 30, 2020 and 2019, as their effect would have been anti-dilutive.