| Earnings Per Share |
5. EARNINGS PER SHARE
Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, we assume that restricted stock is outstanding on the date of vesting, and we assume the issuance of shares from the exercise of stock options using the treasury stock method.
A reconciliation of reported net income (loss) to net income (loss) used in calculating EPS as well as a reconciliation from basic to diluted shares follows:
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2018
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2017
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2018
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2017
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(in thousands)
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Net income (loss) (numerator):
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Income (loss) from continuing operations
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$
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78,626
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$
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(148)
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$
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88,224
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$
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6,738
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Less: Income (loss) from continuing operations attributable to unvested shares
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(766)
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—
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(820)
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(39)
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Numerator for basic
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77,860
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(148)
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87,404
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6,699
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Less: Income (loss) from continuing operations attributable to unvested shares
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—
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—
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—
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—
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Numerator for dilutive
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$
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77,860
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$
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(148)
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$
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87,404
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$
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6,699
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Loss from discontinued operations
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$
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(21)
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$
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(174)
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$
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(416)
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$
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(518)
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Less: Loss from discontinued operations attributable to unvested shares
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—
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—
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4
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3
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Numerator for basic
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(21)
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(174)
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(412)
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(515)
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Less: Loss from discontinued operations attributable to unvested shares
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—
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—
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—
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—
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Numerator for dilutive
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$
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(21)
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$
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(174)
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$
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(412)
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$
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(515)
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Net income (loss)
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$
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78,605
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$
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(322)
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$
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87,808
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$
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6,220
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Less: Net income (loss) attributable to unvested shares
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(766)
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—
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(816)
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(36)
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Numerator for basic
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77,839
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(322)
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86,992
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6,184
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Less: Net income (loss) attributable to unvested shares
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—
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—
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—
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—
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Numerator for dilutive
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$
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77,839
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$
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(322)
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$
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86,992
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$
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6,184
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Weighted average shares (denominator):
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Basic weighted average shares outstanding
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59,481
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58,817
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59,147
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58,682
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Effect of dilutive securities
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1,337
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—
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699
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4
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Diluted weighted average shares outstanding
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60,818
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58,817
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59,846
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58,686
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Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive
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244
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3,007
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1,223
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2,799
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