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Earnings per Share
 6 Months Ended
Jun. 30, 2017
Earnings Per Share Basic Other Disclosures [Abstract]  
Earnings per Share

NOTE 3. EARNINGS PER SHARE

The following table reconciles the number of shares used in calculating basic and diluted earnings per share:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands, except per share amounts)

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net income (loss)

 

$

24,244

 

 

$

(31,238

)

 

$

41,165

 

 

$

(31,081

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding

 

 

40,822,726

 

 

 

40,784,129

 

 

 

40,802,057

 

 

 

40,836,503

 

Incremental shares due to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance shares

 

 

355,844

 

 

 

—

 

 

 

305,625

 

 

 

—

 

Restricted stock units

 

 

40,399

 

 

 

—

 

 

 

36,013

 

 

 

—

 

Diluted weighted-average shares outstanding

 

 

41,218,969

 

 

 

40,784,129

 

 

 

41,143,695

 

 

 

40,836,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share

 

$

0.59

 

 

$

(0.77

)

 

$

1.01

 

 

$

(0.76

)

Diluted net income (loss) per share

 

$

0.59

 

 

$

(0.77

)

 

$

1.00

 

 

$

(0.76

)

 

For the three and six months ended June 30, 2017, there were 0 and 18,289 stock-based awards that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. For the three and six months ended June 30, 2016, no dilutive potential shares were included in the computation of diluted net income (loss) per share due to the net loss. Anti-dilutive stock-based awards could be dilutive in future periods.