22. Earnings (Loss) per Share

The following table illustrates the computation of basic and diluted loss per common share:


	Year Ended December 31,
	2017		2016			2015
	(In thousands of US dollars, except share data)
Basic Earnings per Share
Net income (loss)	$	84,936	$	(29,615	)	$	(84,867	)

Basic weighted average common stock outstanding		33,943,264		34,833,967			34,380,517
Basic earnings (loss) per share	$	2.50	$	(0.85	)	$	(2.47	)

Diluted Earnings per Share
Net income (loss)	$	84,936	$	(29,615	)	$	(84,867	)
Add back: Interest expense on Exchangeable Notes		5,349		—			—
Net income (loss) allocated to common stockholders	$	90,285	$	(29,615	)	$	(84,867	)

Basic weighted average common stock outstanding		33,943,264		34,833,967			34,380,517
Net effect of dilutive equity awards		821,664		—			—
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock		9,990,209		—			—

Diluted weighted average common stock outstanding		44,755,137		34,833,967			34,380,517
Diluted earnings (loss) per share	$	2.02	$	(0.85	)	$	(2.47	)

The following outstanding instruments were excluded from the computation of diluted loss per share, as they would have an anti-dilutive effect on the calculation:


	Year Ended December 31,
	2017		2016		2015
Options		835,572		3,428,665		3,179,899
Restricted Stock Units		—		518,480		135,370