Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

15. EARNINGS (LOSS) PER SHARE

A summary of the calculation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2020 and 2019 is as follows:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In thousands, except per share amounts)	2020		2019			2020			2019
Numerator
Net income (loss)	$	5,481	$	(46,123	)	$	(3,736	)	$	(41,358	)
Denominator
Weighted average number of shares – basic		47,957		47,824			47,957			47,803
Effect of dilutive securities
PSUs, RSUs and restricted stock		467		—			—			—
Weighted average number of shares – diluted		48,424		47,824			47,957			47,803
Earnings (loss) per share – basic	$	0.11	$	(0.96	)	$	(0.08	)	$	(0.87	)
Earnings (loss) per share – diluted	$	0.11	$	(0.96	)	$	(0.08	)	$	(0.87	)

For the three months ended September 30, 2020 and 2019, 18 thousand and 0.1 million shares, respectively, and for the nine months ended September 30, 2020 and 2019, 0.1 million shares, of unvested or unearned, as applicable, PSUs, RSUs and restricted stock were excluded from the calculation of diluted earnings per share due to their anti-dilutive effect.

For the three months ended September 30, 2020 and 2019, 3.4 million and 3.9 million stock options, respectively, and for the nine months ended September 30, 2020 and 2019, 4.3 million and 2.8 million stock options, respectively, were outstanding but were not included in the computation of diluted earnings per share. These stock options were excluded because their exercise prices were greater than the average market price of the common shares during the quarter, making them anti-dilutive under the treasury stock method.