Net Income Per Share

9 Months Ended

12 Months Ended

Sep. 30, 2019

Dec. 31, 2018

Earnings Per Share

Net Income Per Share

10. Earnings Per Share

The following table sets out earnings per share of common stock:

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
	(in thousands, except shares and per share data)				(in thousands, except shares and per share data)
Net income (loss)	$	7,454	$	1,566	$	(258)	$	14,092
Weighted average common shares outstanding:
Basic		23,468,750		17,000,000		20,838,599		17,000,000
Common Share equivalents		416,387		—		—		—
Diluted		23,885,137		17,000,000		20,838,599		17,000,000
Earnings per share:
Basic	$	0.32	$	0.09	$	(0.01)	$	0.83
Diluted	$	0.31	$	0.09	$	(0.01)	$	0.83

Common share equivalents relate primarily to outstanding shares under the 2019 Plan and unpurchased shares under the 2019 ESPP. For the nine months ended September 30, 2019, there were 196,741 common share equivalents excluded from the calculation of diluted earnings per share as their effects were anti-dilutive.

18. Net Income Per Share

The following table sets forth the computation of net income per share of common stock:

	Years Ended
	December 31,
	2018		2017		2016
	(in thousands,
	except shares and per share data)
Net Income	$	18,219	$	3,783	$	6,614
Weighted average shares used in computing net income per share		17,000,000		17,000,000		17,000,000
Net Income per share, basic and diluted	$	1.07	$	0.22	$	0.39