15. EARNINGS PER SHARE

The following table illustrates the basic and diluted earnings (loss) per share (“EPS”) computations for the years ended December 31, 2015, 2014, and 2013. See Note 3 – Summary of Significant Accounting Policies for additional detail regarding the Company’s EPS calculations.



	Year Ended December 31,
	2015		2014		2013

	(in thousands)
Numerator
Net income (loss) attributable to common stockholders	$	(98,007)	$	(18,962)	$	10,420
Less: adjustment for income allocated to participating securities		-		-		(36)
Net income (loss) attributable to common stockholders - basic and diluted	$	(98,007)	$	(18,962)	$	10,384
Denominator
Weighted average common shares outstanding - basic		75,604		85,140		87,989
Plus: dilutive effect of stock options and unvested restricted stock units		-		-		1,100
Weighted average common shares outstanding - diluted		75,604		85,140		89,089

Net income (loss) attributable per common share:
Basic	$	(1.30)	$	(0.22)	$	0.12
Diluted	$	(1.30)	$	(0.22)	$	0.12

Diluted EPS is calculated using the two-class method for options and RSUs and the if-converted method for Series A preferred stock. For the years ended December 31, 2015, 2014, and 2013, 2.1 million, 2.0 million, and 1.0 million options and RSUs, respectively, were excluded in the calculation of diluted EPS under the two-class method because the effect would be anti-dilutive. The Series A preferred shares were excluded in the calculation of diluted EPS under the if-converted method because the effect would be anti-dilutive. If converted, Series A preferred stock would represent approximately 15.9% of the Company’s common stock outstanding or 13.8 million additional common shares, as of December 31, 2015. See Note 16 — Series A Preferred Stock for further details regarding the preferred share offering.

Stock Repurchase Plan Authorizations

Crocs continues to evaluate options to maximize the returns on its cash and maintain an appropriate capital structure, including, among other alternatives, repurchases of common stock. On December 26, 2013, Crocs’ Board approved the repurchase of up to $350.0 million of the Company’s common stock. The number, price, structure, and timing of the repurchases will be at the Company’s sole discretion and future repurchases will be evaluated by the Company depending on market conditions, liquidity needs, and other factors. Share repurchases may be made in the open market or in privately negotiated transactions. The repurchase authorization does not have an expiration date and does not obligate Crocs to acquire any particular amount of its common stock. The Board may suspend, modify or terminate the repurchase program at any time without prior notice.

During the year ended December 31, 2015, Crocs repurchased approximately 6.5 million shares at a weighted average price of $13.24 per share for an aggregate price of approximately $85.9 million, including related commission charges, under the publicly announced repurchase plan. During the year ended December 31, 2014, Crocs repurchased approximately 10.6 million shares at a weighted average price of $13.75 per share for an aggregate price of approximately $145.6 million, excluding related commission charges. As of December 31, 2015, subject to certain restrictions on repurchases under the Company’s revolving credit facility, Crocs had $118.7 million remaining under the repurchase authorizations.