Earnings Per Share

9 Months Ended

Sep. 30, 2020

The following table presents the reconciliation of the numerator and denominator for calculating net income (loss) per share:


	Third Quarter			First Nine Months
(In thousands, except per share data)		2020		2019		2020		2019
Numerator
Net income (loss) - basic and diluted		$	(23,870)	$	(1,441)	$	(62,262)	$	4,147

Denominator
Weighted average common shares outstanding - basic		90,535		89,675		90,056		89,863
Dilutive effect of stock options and restricted stock awards		—		—		—		1,676
Dilutive effect of Convertible Notes		—		—		—		—
Weighted average common shares outstanding - diluted		90,535		89,675		90,056		91,539

Net income (loss) per common share
Basic		$	(0.26)	$	(0.02)	$	(0.69)	$	0.05
Diluted		$	(0.26)	$	(0.02)	$	(0.69)	$	0.05

We excluded the following weighted-average potential shares from the calculations of diluted net income (loss) per share during the applicable periods because their inclusion would have been anti-dilutive:


	Third Quarter		First Nine Months
(In thousands)		2020	2019	2020	2019
Stock options and restricted stock awards		5,608	4,989	5,172	1,812

For the third quarter and first nine months of 2020, as well as the third quarter of 2019, we excluded all potentially dilutive stock options and restricted stock awards in calculating diluted earnings per share as the effect was anti-dilutive due to the net loss incurred for these periods. The Convertible Notes (as defined in Note 7) only impact the calculation of diluted net income per share in periods that the average price of our common stock, as calculated in accordance with the terms of the indenture governing the Convertible Notes, exceeds the conversion price of $9.33 per share. We have the option to pay cash, issue shares of common stock, or any combination thereof for the aggregate amount due upon conversion of the Convertible Notes as further described in Note 7. If converted, we currently intend to settle the principal amount of the notes in cash and as a result, only the amounts payable in excess of the principal amount of the notes, if any, would be assumed to be settled with shares of common stock for purposes of computing diluted net income per share.