Net Income (Loss) per Share of Common Stock

The following table sets forth the computation of basic and diluted earnings (loss) per share:



Year ended December 31, (dollars in thousands, except earnings per share)	2017			2016		2015
Numerator for earnings per share:
Net income (loss) that is available to common shareholders	$	(93,368	)	$	10,073	$	66,333

Denominator for basic earnings per share:
Weighted average shares outstanding	22,030,672			21,879,613		21,816,935

Denominator for diluted earnings per share:
Effect of stock options and restricted stock units	—			169,330		342,214
Adjusted weighted average shares and assumed conversions	22,030,672			22,048,943		22,159,149

Basic earnings (loss) per share	$	(4.24	)	$	0.46	$	3.04

Diluted earnings (loss) per share	$	(4.24	)	$	0.46	$	2.99

Shares excluded from diluted earnings per share due to:
Net loss position (excluded from denominator)	85,588			—		—
Inclusion would have been anti-dilutive (excluded from calculation)	846,747			602,402		105,201

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.