EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is based on the weighted average number of common shares issued and outstanding during each period. Diluted earnings (loss) per share is based on the weighted average number of common shares issued and outstanding and the effect of all dilutive common stock equivalents outstanding during each period. Stock option conversions and stock units were not included in the computation of diluted loss per share for the year ended December 31, 2018 as we incurred a loss from continuing operations for this period and any effect on loss per share would have been anti-dilutive. The following table reconciles the numerators and denominators used in the computations of both basic and diluted earnings (loss) per share:



	Year Ended December 31
	2018			2017		2016
	(In thousands, except share data)
Basic earnings (loss) per share computation:
Numerator:
Income (loss) from continuing operations	$	(332,230	)	$	47,422	$	120,617
Net loss attributable to non-controlling interest	458			—		—
Income (loss) from continuing operations attributable to Dean Foods Company	$	(331,772	)	$	47,422	$	120,617
Denominator:
Average common shares	91,327,846			90,899,284		90,933,886
Basic earnings (loss) per share from continuing operations attributable to Dean Foods Company	$	(3.63	)	$	0.52	$	1.33
Diluted earnings (loss) per share computation:
Numerator:
Income (loss) from continuing operations	$	(332,230	)	$	47,422	$	120,617
Net loss attributable to non-controlling interest	458			—		—
Income (loss) from continuing operations attributable to Dean Foods Company	$	(331,772	)	$	47,422	$	120,617
Denominator:
Average common shares — basic	91,327,846			90,899,284		90,933,886
Stock option conversion(1)	—			119,284		246,116
RSUs and PSUs(2)	—			255,426		330,481
Average common shares — diluted	91,327,846			91,273,994		91,510,483
Diluted earnings (loss) per share from continuing operations attributable to Dean Foods Company	$	(3.63	)	$	0.52	$	1.32
(1) Anti-dilutive common shares excluded	436,473			880,541		1,262,158
(2) Anti-dilutive stock units excluded	1,086,206			442,047		—