XML 22 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Earnings Per Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
 
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 September 30, 2016 and 2015, an aggregate of 2.5 million and 4.0 million options and restricted common shares, respectively, and during the nine months ended September 30, 2016 and 2015, an aggregate of 4.0 million and 4.1 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 three and nine months ended September 30, 2016 and 2015 are as follows (in thousands, except per share amounts): 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income (loss)
$
4,341

 
$
3,936

 
$
(676
)
 
$
7,868

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted-average shares outstanding – basic
53,818

 
52,973

 
53,536

 
52,759

Effect of dilutive securities:
 
 
 
 
 
 
 
Employee and director stock options and restricted common shares
817

 
376

 
—

 
698

Contingently issuable shares
137

 
—

 
—

 
—

Weighted-average shares outstanding – diluted
54,772

 
53,349

 
53,536

 
53,457

 


 


 
 
 
 
Basic earnings (loss) per share
$
0.08

 
$
0.07

 
$
(0.01
)
 
$
0.15

Diluted earnings (loss) per share
$
0.08

 
$
0.07

 
$
(0.01
)
 
$
0.15