Quarterly report pursuant to Section 13 or 15(d)

NET INCOME (LOSS) PER COMMON SHARE

v3.19.3
NET INCOME (LOSS) PER COMMON SHARE
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER COMMON SHARE NET INCOME (LOSS) PER COMMON SHARE

Diluted net income per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. The dilutive effect of non-vested restricted stock is reflected by application of the treasury stock method. Under the treasury stock method, the amount of compensation cost for future service that the Company has not yet recognized, if any, is assumed to be used to repurchase shares.

The following tables illustrate the computation of basic and diluted net income (loss) per common share for the periods indicated (in thousands, except per share data): 
 
Three Months Ended September 30,
 
2019
 
2018
 
Income (loss)
(Numerator)
 
Shares
(Denominator)
 
Per Share Amount
 
Income (loss)
(Numerator)
 
Shares
(Denominator)
 
Per Share Amount
Basic net income (loss) per common share:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) available to common stockholders
$
(1,243
)
 
10,623

 
$
(0.12
)
 
$
7,629

 
11,309

 
$
0.67

Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
Non-vested restricted stock
—

 
—

 
 

 
—

 
13

 
 

Diluted net income per common share:
 
 
 
 
 
 
 
 
 
 
 
Net income available to common stockholders plus assumed conversions
$
(1,243
)
 
10,623

 
$
(0.12
)
 
$
7,629

 
11,322

 
$
0.67

 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
2019
 
2018
 
Income
(Numerator)
 
Shares
(Denominator)
 
Per Share Amount
 
Income
(Numerator)
 
Shares
(Denominator)
 
Per Share Amount
Basic net income (loss) per common share:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) available to common stockholders
$
(2,769
)
 
11,010

 
$
(0.25
)
 
$
25,476

 
11,298

 
$
2.25

Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
Non-vested restricted stock
—

 
—

 
 

 
—

 
9

 
 

Diluted net income per common share:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) available to common stockholders plus assumed conversions
$
(2,769
)
 
11,010

 
$
(0.25
)
 
$
25,476

 
11,307

 
$
2.25



In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. As such, non-vested restricted stock totaling 672,231 and 263,289 shares were not included for the three and nine months ended September 30, 2019, respectively.