Income (Loss) Per Share

12 Months Ended

Dec. 31, 2020

Income (Loss) Per Share

Income (Loss) Per Share

Note  13—Income (Loss) Per Share

Basic income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted income per common share further includes any common shares available to be issued upon the exercise of outstanding stock options and restricted stock awards if such inclusions would be dilutive. The Company

determines the potentially dilutive common shares using the treasury stock method. In periods of a net loss, basic and diluted per share information are the same. The following table presents the computation of income (loss) per share, basic and diluted:

	Year Ended December 31,
	2020		2019		2018
Numerator:
Net income (loss)	$	(12,967)	$	29,248	$	63,468
Denominator:
Weighted average common shares outstanding, basic		49,840,882		51,115,986		52,963,308
Weighted average effect of potentially dilutive common shares:
Stock options		—		—		—
Restricted stock		—		11,893		2,259
Weighted average common shares outstanding, diluted		49,840,882		51,127,879		52,965,567
Income (loss) per share:
Basic	$	(0.26)	$	0.57	$	1.20
Diluted	$	(0.26)	$	0.57	$	1.20

The weighted average effect of certain stock options and nonvested restricted stock that were excluded from the computation of weighted average diluted shares outstanding, as inclusion would be anti-dilutive, are summarized as follows:

	Year Ended December 31,
	2020	2019	2018
Stock options	359,234	167,255	92,625
Restricted stock	166,621	28,676	—
Total	525,855	195,931	92,625