Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per common share adjusts basic earnings (loss) per common share for the effects of potentially dilutive common shares. Potentially dilutive common shares include the dilutive effects of shares issuable under our equity compensation plans, including stock options and restricted shares, each using the treasury stock method.



	Three Months Ended June 30,					Six Months Ended June 30,
	2018		2017			2018		2017
Numerator — basic and diluted
Net income (loss)	$	43,609	$	(5,156	)	$	82,554	$	8,860
Denominator
Weighted average number of common shares outstanding — basic	37,001		39,555			36,851		40,039
Effect of dilutive stock options	558		—			430		129
Effect of dilutive restricted shares	712		—			661		334
Weighted average number of common shares outstanding — diluted ⁽¹⁾	38,271		39,555			37,942		40,502
Earnings (loss) per common share — basic	$	1.18	$	(0.13	)	$	2.24	$	0.22
Earnings (loss) per common share — diluted	$	1.14	$	(0.13	)	$	2.18	$	0.22
Antidilutive stock options and restricted shares	44		1,947			330		1,469


⁽¹⁾	For the three months ended June 30, 2017, we excluded 377,389 potentially dilutive securities from the computation as their effect would be anti-dilutive due to a net loss applicable to common stockholders.