EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2016

13. EARNINGS PER SHARE

Basic earnings (loss) per share has been computed by dividing the net income (loss) applicable to common shareholders by the weighted average number of shares of common stock outstanding during each period. Net income (loss) applicable to common shareholders includes the adjustment for net income or loss attributable to noncontrolling interest. Diluted earnings (loss) per share is computed by including the dilutive effect of common stock that would be issued assuming conversion or exercise of outstanding stock options, stock appreciation rights and restricted stock units. No such items were included in the computations of diluted loss per share in the three months ended March 31, 2015 because the Company incurred a net loss applicable to common shareholders in that period and the effect of inclusion would have been anti-dilutive.



	Three Months Ended March 31,
	2016		2015
	(In thousands)
Income (loss) for basic earning per share calculation:
Net income (loss) allocated to common shareholders	$	30,584	$	(11,732	)
Weighted average shares outstanding:
Basic weighted average shares outstanding	18,262		17,621
Effect of restricted stock units	7		—
Diluted weighted average shares outstanding	18,269		17,621

The table below shows the number of shares that were excluded from the calculation of diluted income (loss) per share because their inclusion would be anti-dilutive to the calculation:



	Three Months Ended March 31,
	2016	2015
	(In thousands)
Restricted stock units, stock options and SARs	470	524