Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2020

Net Income (Loss) per Share

The computation of the Company's basic and diluted net income per share is as follows:



	Three months ended September 30,						Nine months ended September 30,
	2020		2019		2020		2019
	(In thousands, except per share data)
Numerator for basic and diluted income (loss) per common share:
Net income (loss)	$	10,018	$	23,917	$	(102,433)	$	76,950
Less: Net income allocated to unvested participating restricted stock	(329)		(795)		(420)		(2,621)
Net income (loss) available to common stockholders - basic	9,689		23,122		(102,853)		74,329
Effect of unvested participating restricted stock in two-class calculation	2		6		—		28

Net income (loss) available to common stockholders - diluted	$	9,691	$	23,128	$	(102,853)	$	74,357
Denominator:
Weighted average outstanding shares of common stock - basic	16,221		16,762		16,229		17,095
Dilutive effect of stock options	62		293		—		337
Weighted average outstanding shares of common stock - diluted	16,283		17,055		16,229		17,432
Net income (loss) per common share:
Basic	$	0.60	$	1.38	$	(6.34)	$	4.35
Diluted	$	0.60	$	1.36	$	(6.34)	$	4.27

For the nine months ended September 30, 2020, diluted loss per common share was computed using the basic weighted average number of shares outstanding during the period as the 86,000 shares from common stock equivalents would have been antidilutive.

The calculation of net loss per share for the three and six months ended June 30, 2020, previously reported as ($8.04) per share and ($6.69) per share, respectively, allocated an incorrect portion of the net loss from each period to unvested participating restricted stock. The correct calculation is a loss of ($8.33) per share for the three months ended June 30, 2020 and a loss of ($6.96) per share for the six months ended June 30, 2020.