Earnings per Common Share

3 Months Ended

Mar. 31, 2017

13.

Earnings per common share:

The following table reconciles the numerators and denominators of the basic and diluted loss per share computations (in thousands, except per share data).


	March 31, 2017		March 31, 2016
Basic:
Net income (loss)	$	48,235	$	(18,733	)
Weighted average common shares outstanding		54,519,574		52,230,648

Basic income (loss) per common share	$	0.89	$	(0.36	)


Diluted:
Effect of dilutive securities:

Net income (loss)	$	48,235	$	(18,733	)

		48,235		(18,733	)
Weighted average common shares outstanding		54,519,574		52,230,648
Effect of dilutive options and warrants		912,054		—

Diluted weighted average common shares outstanding		55,431,628		52,230,648

Diluted income (loss) per common share	$	0.87	$	(0.36	)

Basic earnings per common share is calculated using the weighted average shares of Common Stock outstanding during the period. In addition to the weighted average shares of Common Stock outstanding, common equivalent shares from stock options, RSUs and warrants using the treasury stock method, are included in the diluted per share calculations unless the effect of inclusion would be antidilutive. During the three months ended March 31, 2017 and 2016, outstanding stock options, RSUs and warrants of 10,124,619 and 10,113,296, respectively, were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect because the outstanding exercise prices were greater than the average market price of the common shares during the relevant periods.

The following is the total outstanding options and warrants for the three months ended as follows:


	March 31, 2017		March 31, 2016

Options, RSUs and warrants to purchase Common Stock		11,036,673		10,113,296