Earnings (Loss) Per Share
 6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
Earnings (Loss) Per Share

Basic earnings (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per common share is calculated by dividing net income (loss) by the weighted average shares outstanding plus share equivalents that would arise from the exercise of share options and the vesting of restricted stock and performance shares. The computation of basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2018 and 2017 is as follows (in thousands, except share and per share data):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2018
 
2017
 
2018
 
2017
Numerator:
 
 
 
 
 
 
 
Net income (loss)
$
7,678

 
$
(245
)
 
$
12,405

 
$
(3,117
)
Denominator:
 

 
 
 
 
 
 
Denominator for basic earnings (loss) per common share - weighted-average shares
27,603,096

 
28,016,122

 
27,466,689

 
28,085,710

Effect of dilutive securities:
 

 
 
 
 
 
 
Employee stock awards
268,850

 
—

 
332,249

 
—

Denominator for dilutive earnings (loss) per common share
27,871,946

 
28,016,122

 
27,798,938

 
28,085,710

Basic earnings (loss) per common share
$
0.28

 
$
(0.01
)
 
$
0.45

 
$
(0.11
)
Diluted earnings (loss) per common share
$
0.28

 
$
(0.01
)
 
$
0.45

 
$
(0.11
)


For the three and six months ended June 30, 2018, the Company excluded 2,538 unvested performance and market-based shares from the calculation of diluted earnings per common share because the effect was anti-dilutive. There were no employee stock options and no unvested restricted stock excluded from the calculation of diluted earnings per common share. For the three and six months ended June 30, 2017, 239,440 and 331,618 incremental shares related to stock-based awards were not included in the computation of diluted loss per common share because of the net loss during the respective periods.

As of June 30, 2018, none of the conditions allowing holders of the Notes to convert have been met and no conversion spread exists. As such, the Notes did not have a dilutive impact on diluted earnings (loss) per common share for the three and six months ended June 30, 2018 and 2017, respectively.