Earnings Per Share

3 Months Ended

Mar. 31, 2018

Note 5 – Earnings Per Share

Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share, the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period.

The following table sets forth the calculation of basic and diluted earnings per share:

		Three Months Ended
		March 31,
(in thousands, except per share data)			2018		2017
Net income (loss)		$	(23,641)	$	8,555

Denominator for basic earnings per share - weighted-average number of
	common shares outstanding during the period		48,517		49,511
Incremental common shares attributable to exercise of dilutive options			—		361
Incremental common shares attributable to outstanding restricted
	stock units		—		208
Denominator for diluted earnings per share			48,517		50,080

Basic earnings (loss) per share			$(0.49)		$0.17
Diluted earnings (loss) per share			$(0.49)		$0.17

Potentially dilutive securities totaling 0.3 million common shares for the three months ended March 31, 2018 were not included in the computation of diluted loss per share because their effect would have decreased the loss per share.