14.

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).


	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017		2016
Basic:
Net income (loss)	$	(14,879	)	$	(16,486	)	$	33,446	$	(35,219	)
Weighted average common shares outstanding		55,388,774			53,594,979			54,949,901		53,412,813

Basic income (loss) per common share	$	(0.27	)	$	(0.31	)	$	0.61	$	(0.66	)

Diluted:
Effect of dilutive securities:
Net income (loss)	$	(14,879	)	$	(16,486	)	$	33,446	$	(35,219	)

Weighted average common shares outstanding		55,388,774			53,594,979			54,949,901		53,412,813
Effect of dilutive options and warrants		—			—			886,868		—

Diluted weighted average common shares outstanding		55,388,774			53,594,979			55,836,769		53,412,813

Diluted income (loss) per common share	$	(0.27	)	$	(0.31	)	$	0.60	$	(0.66	)

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 June 30, 2017 and 2016, outstanding stock options, RSUs and warrants of 10,037,017 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. During the six months ended June 30, 2017 and 2016, outstanding stock options, RSUs and warrants of 7,747,726 and 10,490,874, respectively, were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect.