EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2017

NOTE 3 – EARNINGS PER COMMON SHARE

	The calculations of earnings (loss) per common share for the quarters and nine-month periods ended September 30, 2017 and 2016 are as follows:

		Quarter Ended				Nine-Month Period Ended
		September 30,				September 30,
		2017		2016		2017		2016

(In thousands, except per share information)

Net (loss) income		$	(10,752)	$	24,074	$	42,787	$	69,371
Less: Preferred stock dividends			(669)		-		(2,007)		-
Net (loss) income attributable to common stockholders		$	(11,421)	$	24,074	$	40,780	$	69,371
Weighted-Average Shares:
Average common shares outstanding			214,187		212,927		213,812		212,682
Average potential dilutive common shares			-		3,651		2,322		2,577
Average common shares outstanding - assuming dilution			214,187		216,578		216,134		215,259
(Loss) earnings per common share:
Basic		$	(0.05)	$	0.11	$	0.19	$	0.33
Diluted		$	(0.05)	$	0.11	$	0.19	$	0.32

Earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares issued and outstanding. Net income (loss) attributable to common stockholders represents net income (loss) adjusted for any preferred stock dividends, including any dividends declared, and any cumulative dividends related to the current dividend period that have not been declared as of the end of the period. Basic weighted-average common shares outstanding exclude unvested shares of restricted stock that do not contain non-forfeitable dividend rights.

Potential dilutive common shares consist of common stock issuable under the assumed exercise of stock options, unvested shares of restricted stock that do not contain non-forfeitable dividend rights, and outstanding warrants using the treasury stock method. This method assumes that the potential dilutive common shares are issued and outstanding and the proceeds from the exercise, in addition to the amount of compensation cost attributable to future services, are used to purchase common stock at the exercise date. The difference between the numbers of potential dilutive shares issued and the shares purchased is added as incremental shares to the actual number of shares outstanding to compute diluted earnings per share. Stock options, unvested shares of restricted stock that do not contain non-forfeitable dividend rights, and outstanding warrants that result in lower potential dilutive shares issued than shares purchased under the treasury stock method are not included in the computation of dilutive earnings per share since their inclusion would have an antidilutive effect on earnings per share. Warrants outstanding to purchase 1,285,899 shares of common stock and 1,815,904 unvested shares of restricted stock that do not contain non-forfeitable dividend rights were excluded from the computation of diluted earnings per share for the quarter ended September 30, 2017 because the Corporation reported a net loss attributable to common stockholders and their inclusion would have an antidilutive effect. Stock options not included in the computation of outstanding shares because they were antidilutive amounted to 34,989 as of September 30, 2016.