Earnings Per Share

3 Months Ended

Mar. 31, 2016

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is calculated by dividing net income by the weighted average shares outstanding plus share equivalents that would arise from the exercise of stock options, vesting of restricted common shares, and contingently issuable shares in connection with the Company’s acquisitions. During the three months ended March 31, 2016 and 2015, an aggregate of 3.4 million and 2.7 million options and restricted common shares, respectively, were excluded from the calculation as these options and restricted common shares were anti-dilutive. The computations of basic and diluted earnings per common share for the three months ended March 31, 2016 and 2015 are as follows (in thousands, except per share amounts):



	Three Months Ended March 31,
	2016			2015
Numerator:
Net income (loss)	$	(2,149	)	$	1,139

Denominator:
Weighted-average shares outstanding – basic	53,145			52,754
Effect of dilutive securities:
Employee and director stock options and restricted common shares	—			937
Contingently issuable shares	—			188
Weighted-average shares outstanding – diluted	53,145			53,879

Basic earnings (loss) per share	$	(0.04	)	$	0.02
Diluted earnings (loss) per share	$	(0.04	)	$	0.02