Earnings per common share

The following table sets forth the computation of basic (loss) earnings per common share and (loss) earnings per diluted common share available to Validus common shareholders for the years ended December 31, 2017, 2016 and 2015:



	Years Ended December 31,
	2017			2016		2015
Basic (loss) earnings per common share
Net (loss) income (attributable) available to Validus common shareholders	$	(63,483	)	$	359,384	$	374,893
Less: Dividends on outstanding warrants	—			—		(3,566		)
Net (loss) income allocated to Validus common shareholders	(63,483		)	359,384		371,327
Weighted average number of common shares outstanding	79,091,376			81,041,974		83,107,236
Basic (loss) earnings per share (attributable) available to Validus common shareholders	$	(0.80	)	$	4.43	$	4.47

(Loss) earnings per diluted common share
Net (loss) income (attributable) available to Validus common shareholders	$	(63,483	)	$	359,384	$	374,893

Weighted average number of common shares outstanding	79,091,376			81,041,974		83,107,236
Share equivalents:
Warrants	—			—		2,090,248
Stock options	—			28,196		151,867
Unvested restricted shares	—			1,289,290		1,077,409
Weighted average number of diluted common shares outstanding	79,091,376			82,359,460		86,426,760
(Loss) earnings per diluted common share (attributable) available to Validus common shareholders	$	(0.80	)	$	4.36	$	4.34

Earnings per diluted common share assumes the exercise of all dilutive stock options and restricted stock grants. Due to the net loss incurred during the year ended December 31, 2017, share equivalents were not included in the computation of loss per diluted share due to their anti-dilutive effect. Share equivalents that would result in the issuance of 133,810 and 167,417 common shares were outstanding for the years ended December 31, 2016 and 2015, respectively, but were not included in the computation of earnings per diluted share because the effect would be anti-dilutive.