Earnings Per Share

6 Months Ended

Jun. 30, 2017

Basic earnings (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted average shares outstanding assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock Method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock and restricted stock units were settled for common shares during the period. In addition, dilutive shares would include any shares issuable related to PSUs for which the performance conditions have been met as of the end of the period. During the three months ended June 30, 2017 and 2016, an aggregate of 2.5 million and 4.2 million options and restricted common shares, respectively, and during the six months ended June 30, 2017 and 2016, an aggregate of 2.6 million and 4.2 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 (loss) per common share for three and six months ended June 30, 2017 and 2016 are as follows (in thousands, except per share amounts):



	Three Months Ended June 30,					Six Months Ended June 30,
	2017		2016			2017		2016
Numerator:
Net income (loss)	$	4,493	$	(2,324	)	$	9,951	$	(5,017	)

Denominator:
Weighted-average shares outstanding – basic	53,278		53,411			53,665		53,278
Effect of dilutive securities:
Employee and director stock options and restricted common shares	1,150		—			1,025		—
Contingently issuable shares	761		—			380		—
Weighted-average shares outstanding – diluted	55,189		53,411			55,070		53,278

Basic earnings (loss) per share	$	0.08	$	(0.04	)	$	0.19	$	(0.09	)
Diluted earnings (loss) per share	$	0.08	$	(0.04	)	$	0.18	$	(0.09	)