(5) Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Restricted stock awards are subject to the risk of forfeiture and are not included in the calculation of basic weighted average number of common shares outstanding until vested. Diluted EPS is calculated under the treasury stock method. Potential common shares included restricted common stock and incremental shares of common stock issuable upon the exercise of stock options.

The following table is a reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2018			2017		2018			2017
	(In thousands, except per share data)
Numerator:
Net (loss) income	$	(52,165	)	$	11,228	$	(22,310	)	$	30,157
Denominator:
Weighted average shares outstanding - basic		44,323			44,039		44,275			44,030
Dilutive effect of share-based awards		—			167		—			160
Weighted average shares outstanding - diluted		44,323			44,206		44,275			44,190
Earnings per share:
Basic	$	(1.18	)	$	0.25	$	(0.50	)	$	0.68
Diluted		(1.18	)		0.25		(0.50	)		0.68

There were approximately 0.8 million and 0.7 million of common stock equivalents that would have been included in the diluted EPS denominator for the three and nine month periods ended September 30, 2018, respectively, had there not been a net loss. These common stock equivalents were excluded because their inclusion would reduce the net loss per share. In addition, the following table represents the effect of stock options and restricted share awards that were issued or outstanding but excluded in calculating diluted EPS because their effect would have been anti-dilutive for the periods indicated, or the underlying performance criteria had not yet been met:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(In thousands)
Stock options		691		2,185		724		2,213
Restricted share awards		42		1		27		4
Total		733		2,186		751		2,217