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Earnings per share
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings per share Earnings per share

Basic earnings per share (“EPS”) is calculated by dividing net earnings by the weighted average number of shares of common stock outstanding during the period. Potentially dilutive securities include employee stock options and shares of restricted stock. Diluted EPS reflects the assumed exercise, vesting or conversion of all dilutive securities.

The calculations of the basic and diluted EPS for the three and six months ended June 30, 2020 and 2019 are presented below (in thousands, except per share amounts):

 
For the three months ended June 30,
 
For the six months ended June 30,
 
2020
2019
 
2020
2019
Net income (loss)
$
27,115

$
2,954

 
$
13,049

$
(22,085
)
Less: Earnings allocated to unvested restricted stock awards
22

7

 
12

—

Earnings (loss) allocated to common shareholders
$
27,093

$
2,947

 
$
13,037

$
(22,085
)
 
 
 
 
 
 
Common stock:
 
 
 
 
 
Weighted average basic shares outstanding
65,093

64,142

 
64,948

64,073

Effect of dilutive securities
2,098

322

 
2,510

—

Weighted average diluted shares outstanding
67,191

64,464

 
67,458

64,073

 
 
 
 
 
 
Basic earnings (loss) per share:
 
 
 
 
 
Net income (loss)
$
0.42

$
0.05

 
$
0.20

$
(0.34
)
Diluted earnings (loss) per share:
 
 
 
 
 
Net income (loss)
$
0.40

$
0.05

 
$
0.19

$
(0.34
)

As detailed further below, potential dilutive shares of common stock were anti-dilutive as a result of the Company's net loss for the six months ended June 30, 2019. As a result, basic weighted average shares were used in the calculations of basic earnings per share and diluted earnings per share for that period. 

The number of stock options and restricted shares that were excluded from the computation of diluted earnings per share because their inclusion would result in an anti-dilutive effect on per share amounts for the three months ended June 30, 2020 and June 30, 2019 and the six months ended June 30, 2020 and June 30, 2019 were 1,031,685, 5,437,403, 758,409 and 4,557,278, respectively.