Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2016

Net Income (Loss) Per Share [Abstract]

7. Net Income (Loss) Per Share

Basic income (loss) per common share is determined by dividing income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted income (loss) per share is computed by dividing the income (loss) attributable to common stockholders by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company's stock option grants. 257,678 and 2,020,204 stock options (common stock equivalents) were excluded from the calculation of diluted income (loss) per share for the three months ended June 30, 2016 and 2015, respectively, because their inclusion would have been anti-dilutive. 114,148 and 738,882 stock options were excluded from the calculation of diluted income per share for the six months ended June 30, 2016 and 2015, respectively, because their inclusion would have been anti-dilutive.

Basic and diluted income (loss) per common share is computed as follows (in thousands except share and per share data):

	Three Months Ended June 30,					Six Months Ended June 30,
	2016		2015			2016		2015
Numerator:
Net income (loss) used for calculation of basic and diluted EPS	$	40,464	$	(21,376	)	$	10,101	$	23,753

Denominator:
Weighted average shares outstanding, basic		34,616,197		30,059,329			34,560,021		29,739,326
Effect of dilutive securities:
Stock options and restricted stock units		1,401,214		-			1,406,966		2,058,006
Weighted average shares outstanding, diluted		36,017,411		30,059,329			35,966,987		31,797,332

Net income (loss) per share, basic	$	$1.17	$	($0.71	)	$	$0.29	$	$0.80
Net income (loss) per share, diluted	$	$1.12	$	($0.71	)	$	$0.28	$	$0.75