Earnings Per Share

6 Months Ended

Jun. 30, 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 stock 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 and 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				Six Months Ended
		June 30,				June 30,
(in thousands, except per share data)			2018		2017		2018		2017
				(as adjusted)				(as adjusted)
Net income (loss)		$	10,943	$	18,074	$	(12,698)	$	26,629

Denominator for basic earnings per share -
	weighted-average number of common
	shares outstanding during the period		47,451		49,766		47,981		49,640
Incremental common shares attributable to
	exercise of dilutive options		116		318		—		341
Incremental common shares attributable
	to outstanding restricted stock units		64		155		—		228
Denominator for diluted earnings per share			47,631		50,239		47,981		50,209

Basic earnings (loss) per share		$	0.23	$	0.36	$	(0.26)	$	0.54
Diluted earnings (loss) per share		$	0.23	$	0.36	$	(0.26)	$	0.53

Potentially dilutive securities totaling 0.3 million common shares for the six months ended June 30, 2018 were not included in the computation of diluted loss per share because their effect would have decreased the loss per share.