Earnings Per Share

3 Months Ended

Mar. 31, 2019

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
		March 31,
(in thousands, except per share data)			2019		2018
Net income (loss)		$	13,773	$	(23,641)

Denominator for basic earnings per share - weighted-average number of
	common shares outstanding during the period		40,630		48,517
Incremental common shares attributable to exercise of dilutive options			76		—
Incremental common shares attributable to outstanding restricted
	stock units		147		—
Denominator for diluted earnings per share			40,853		48,517

Basic earnings (loss) per share			$0.34		$(0.49)
Diluted earnings (loss) per share			$0.34		$(0.49)

Restricted stock units totaling 0.1 million shares for the three months ended March 31, 2019 were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. 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.