A reconciliation of shares used in calculating basic and diluted (loss) earnings per share is as follows (shares in thousands):



	Three months ended June 30,		Six months ended June 30,
	2016	2015	2016	2015
Basic weighted-average shares outstanding	88,683	90,067	88,802	89,605
Impact of stock options and non-vested stock under employee compensation plans⁽¹⁾	—	—	—	1,195
Impact of 3.50% convertible senior notes due 2019⁽²⁾	—	—	—	2,418
Diluted weighted-average shares outstanding	88,683	90,067	88,802	93,218
Weighted-average anti-dilutive common stock equivalents	2,649	5,042	2,303	1,037

(1)

For periods in which losses are presented, dilutive earnings per share calculations do not differ from basic earnings per share because the effects of any potential common stock equivalents are anti-dilutive and therefore not included in the calculation of dilutive earnings per share. For the three and six months ended June 30, 2016, those potential shares totaled 600,128 and 732,391 related to non-vested stock under employee compensation plans, respectively, which are included in the weighted average anti-dilutive common stock equivalents above, in addition to 2,048,948 and 1,570,545 of out of the money anti-dilutive common stock equivalents, respectively. For the quarter ended June 30, 2015, those potential shares totaled 806,833 related to non-vested stock under employee compensation plans and 3,841,000 relating to our 3.50% convertible senior notes due 2019 (the "Notes") which are included in the weighted average anti-dilutive common stock equivalents above, in addition to 393,662 of out of the money anti-dilutive common stock equivalents.

(2)

On October 22, 2014, the Company consummated an offering of the Notes. Under the treasury stock method, the Notes will generally have a dilutive impact on earnings per share if the Company’s average stock price for the period exceeds approximately $5.33 per share of Monster’s common stock, the conversion price of the Notes. For the three and six months ended June 30, 2016, the average stock price of Monster's common stock was $2.86 and $3.36, respectively, resulting in no potential dilutive impact for the three and six months ended June 30, 2016. For the three and six months ended June 30, 2015, the average stock price of Monster's common stock was $6.22 and $5.86, respectively, resulting in a potential dilutive impact of approximately 3,841,000 and 2,418,000 shares, respectively. Since a loss attributable to the Company was incurred during the three months ended June 30, 2015, these potential dilutive shares are excluded from diluted weighted-average shares outstanding.

In connection with the pricing of the Notes, Monster entered into a capped call transaction which increases the effective conversion price of the Notes, and is designed to reduce potential dilution upon conversion of the Notes. Since the beneficial impact of the capped call is anti-dilutive, it is excluded from the calculation of earnings per share. See Note 15 - Long-Term Debt.