NET INCOME (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2020

Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined based on the weighted average number of common shares outstanding during the period combined with the incremental average common shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible. The calculation of basic and diluted net income (loss) per share is determined using net income (loss) applicable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts). Due to the net loss applicable to common stockholders for the nine months ended September 30, 2020, no securities had a dilutive impact for this period.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic net income (loss) per share:
Net income (loss) applicable to common stockholders	$	3,887	$	25,460	$	(102,906)	$	71,200
Weighted average common shares outstanding	52,912		54,413		52,980		54,975
Basic net income (loss) per share	$	0.07	$	0.47	$	(1.94)	$	1.30

Diluted net income (loss) per share:
Net income (loss) applicable to common stockholders	$	3,887	$	25,460	$	(102,906)	$	71,200

Weighted average common shares outstanding	52,912		54,413		52,980		54,975
Dilutive stock options and restricted stock	468		606		—		527
Diluted weighted average common shares outstanding	53,380		55,019		52,980		55,502
Diluted net income (loss) per share	$	0.07	$	0.46	$	(1.94)	$	1.28