Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2016

Basic earnings (loss) per share is calculated using the weighted average number of shares outstanding during each period. The diluted earnings (loss) per share calculation includes the impact of dilutive equity compensation awards and contingent consideration warrants.

A reconciliation of basic and diluted earnings (loss) per share, together with the related shares outstanding in thousands for the years ended December 31, is as follows:



Basic and Diluted Earnings (Loss) Per Share:	2016			2015		2014

Net income (loss)
Net income (loss) from continuing operations	$	(41,276	)	$	41,798	$	(89,487	)
Net income (loss) from discontinued operations	—			—		4,018
Net income (loss)	$	(41,276	)	$	41,798	$	(85,469	)

Weighted average shares:
Basic shares	41,248			40,580		36,214
Effect of dilutive securities—options and warrants outstanding	—			3,039		—
Diluted shares	41,248			43,619		36,214

Earnings (loss) per share - basic:
Continuing operations	$	(1.00	)	$	1.03	$	(2.47	)
Discontinued operations	—			—		0.11
Net income (loss) per share - basic	$	(1.00	)	$	1.03	$	(2.36	)

Earnings (loss) per share - diluted:
Continuing operations	$	(1.00	)	$	0.96	$	(2.47	)
Discontinued operations	—			—		0.11
Net income (loss) per share - diluted	$	(1.00	)	$	0.96	$	(2.36	)

Potential common shares of 8,564, 635, and 6,753 were excluded from the calculation of weighted average shares for the years ended December 31, 2016, 2015 and 2014, because their effect was considered to be anti-dilutive. For the years ended December 31, 2016 and 2014, the effects of dilutive securities were entirely excluded from the calculation of earnings per share as a net loss was reported in these periods.