Note B — Earnings Per Share

Basic earnings per common share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed using the weighted average number of common shares outstanding during the period plus any potentially dilutive common shares, such as stock options, restricted stock units, and performance-based units calculated using the treasury stock method. Total anti-dilutive shares excluded from the diluted earnings per share were zero as of December 31, 2019, and 17,894 and 473,037 as of December 31, 2018 and 2017, respectively.

Our credit agreement restricts the payment of dividends or other distributions to our shareholders with respect to the parent company or any of its subsidiaries. See Note M - “Debt and Other Obligations” within these consolidated financial statements.

The reconciliation of the numerators and denominators used to calculate basic and diluted net income (loss) per share are as follows:


	For the Years Ended December 31,
(in thousands, except per share data)	2019		2018		2017
Net income (loss)	$	27,525	$	(858)	$	(104,671)

Weighted average shares outstanding - basic		37,267,188		36,764,551		36,270,920
Effect of potentially dilutive restricted stock units and options(1)		797,429		—		—
Weighted average shares outstanding - diluted		38,064,617		36,764,551		36,270,920

Basic income (loss) per share	$	0.74	$	(0.02)	$	(2.89)

Diluted income (loss) per share	$	0.72	$	(0.02)	$	(2.89)

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In accordance with ASC 260 - Earnings Per Share, during periods of a net loss, shares used to compute diluted per share amounts exclude potentially dilutive shares related to unvested restricted stock units and unexercised options. For the years ended December 31, 2018 and 2017, potentially dilutive shares of 709,309 shares and 295,718 shares were excluded, as we were in a net loss position.