Note 15. Earnings (Loss) Per Common Share

A dual presentation of basic and diluted earnings (loss) per common share is required on the face of the Company’s Consolidated Statement of Operations as well as a reconciliation of the computation of basic earnings per common share to diluted earnings per common share. Basic earnings (loss) per common share excludes the dilutive impact of potentially dilutive securities and is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per common share is computed using the treasury stock method and includes the effect of potential dilution from the exercise of outstanding stock options and treats unvested restricted stock and performance-based shares as if they were vested. Potentially dilutive securities have been excluded in the weighted average number of common shares used for the calculation of earnings per share in periods of net loss because the effect of including such securities would be anti-dilutive. A reconciliation of the Company’s basic and diluted earnings (loss) per common share was as follows:


	Three Months Ended
	March 31,
(In thousands, except share and per share data)	2019		2018

Net income	$	10,645	$	12,770

Basic weighted average common shares outstanding		37,842,224		37,136,945
Effect of potentially dilutive stock options and restricted stock awards		1,488,623		1,150,060
Diluted weighted average common shares outstanding		39,330,847		38,287,005

Earnings per common share:
Basic	$	0.28	$	0.34
Diluted	$	0.27	$	0.33


	Nine Months Ended
	March 31,
(In thousands, except share and per share data)	2019		2018

Net income (loss)	$	(264,521)	$	40,049

Basic weighted average common shares outstanding		37,729,099		37,064,781
Effect of potentially dilutive stock options and restricted stock awards		—		1,047,412
Diluted weighted average common shares outstanding		37,729,099		38,112,193

Earnings (loss) per common share:
Basic	$	(7.01)	$	1.08
Diluted	$	(7.01)	$	1.05

The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the three months ended March 31, 2019 and 2018 were 481 thousand and 3.0 million, respectively. The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the nine months ended March 31, 2019 and 2018 were 2.0 million and 3.0 million, respectively.