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Net Income (Loss) per Share of Common Stock
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Net Income (Loss) per Share of Common Stock
Net Income (Loss) per Share of Common Stock

The following table sets forth the computation of basic and diluted earnings (loss) per share:
 
Three months ended September 30,
 
Nine months ended September 30,
(dollars in thousands, except earnings per share)
2017
 
2016
 
2017
 
2016
Numerator for earnings per share:
 
 
 
 
 
 
 
Net income (loss) that is available to common shareholders
$
(78,815
)
 
$
2,909

 
$
(86,217
)
 
$
12,322

 
 
 
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
 
 
Weighted average shares outstanding
22,075,318

 
21,894,017

 
22,015,008

 
21,869,922

 
 
 
 
 
 
 
 
Denominator for diluted earnings per share:
 
 
 
 
 
 
 
Effect of stock options and restricted stock units
—

 
177,176

 
—

 
156,304

Adjusted weighted average shares and assumed conversions
22,075,318

 
22,071,193

 
22,015,008

 
22,026,226

 
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
(3.57
)
 
$
0.13

 
$
(3.92
)
 
$
0.56

 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
$
(3.57
)
 
$
0.13

 
$
(3.92
)
 
$
0.56

 
 
 
 
 
 
 
 
Shares excluded from diluted earnings (loss) per share due to:
 
 
 
 
 
 
 
Net loss position (excluded from denominator)
63,488

 
—

 
92,051

 
—

Inclusion would have been anti-dilutive (excluded from calculation)
893,198

 
605,032

 
780,062

 
619,058



When applicable, diluted shares outstanding include the dilutive impact of restricted stock units. Diluted shares also include the impact of eligible employee stock options, which are calculated based on the average share price for each fiscal period using the treasury stock method. As part of the adoption of ASU 2016-09 as of January 1, 2017, anticipated tax windfalls and shortfalls are no longer included in the calculation of assumed proceeds when applying the treasury stock method.