Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

14. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding of 35.5 million, 35.5 million and 35.1 million for the year ended December 31, 2019, 2018 and 2017, respectively.

Equity incentive instruments for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net earnings, and accordingly, the Company excludes them from the calculation. Anti-dilutive equity instruments of 1,527,645, zero and 36,300 common shares were excluded from the computation of diluted net earnings per share for the years ended December 31, 2019, 2018 and 2017, respectively. Due to the net loss during the year ended December 31, 2018, the assumed exercise of all equity incentive instruments was anti-dilutive and, therefore, not included in the diluted loss per share calculation for this period.

The following is a reconciliation of the average shares outstanding used to compute basic and diluted earnings per share:

	2019		2018		2017
Basic weighted average common shares outstanding		35,487,358		35,513,162		35,111,594
Effect of dilutive securities - stock awards		154,442		—		743,308
Diluted weighted average common shares outstanding		35,641,800		35,513,162		35,854,902