Earnings (Loss) Per Share

We include all common shares granted under our incentive compensation plan which remain unvested (“restricted common shares”) and contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (“participating securities”), in the number of shares outstanding in our basic earnings per share calculations using the two-class method. All of our restricted common shares are currently participating securities. Our PSUs are contingently issuable shares which are included in our diluted earnings per share calculations which do not include voting or dividend rights.

Under the two-class method, earnings per common share is computed by dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted-average number of common shares outstanding for the period. In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted-average shares outstanding during the period. The holders of the participating restricted common shares were not contractually required to share in the Company’s losses, in applying the two-class method to compute the basic and diluted net loss per common share, no allocation to restricted common shares was made for the three months ended June 30, 2017.



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Weighted-average shares:
Common shares outstanding	78,176,705		78,159,280		78,176,705		78,351,369
Restricted common shares	634,217		685,918		569,370		629,137
Total weighted-average shares	78,810,922		78,845,198		78,746,075		78,980,506

Percentage of weighted-average shares:
Common shares outstanding	99.20	%	99.13	%	99.28	%	99.20	%
Restricted common shares	0.80	%	0.87	%	0.72	%	0.80	%
Total percentage of weighted-average shares	100.00	%	100.00	%	100.00	%	100.00	%

The calculations of both basic and diluted earnings per share are as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Earnings (loss) per share – Basic:
Net income (loss)	$	(7,116	)	$	20,030		$	35,323		$	56,292
Less: Distributed and undistributed earnings allocated to restricted common shares⁽¹⁾	—			(174		)	(255		)	(448		)
Earnings (loss) available to common shareholders – Basic	$	(7,116	)	$	19,856		$	35,068		$	55,844

Weighted-average common shares outstanding – Basic	78,176,705			78,159,280			78,176,705			78,351,369

Earnings (loss) per common share – Basic	$	(0.09	)	$	0.25		$	0.45		$	0.71

Earnings (loss) per share – Diluted:
Net income (loss)	$	(7,116	)	$	20,030		$	35,323		$	56,292
Less: Distributed and undistributed earnings allocated to restricted common shares⁽¹⁾	—			(174		)	(255		)	(448		)
Earnings (loss) available to common shareholders – Diluted	$	(7,116	)	$	19,856		$	35,068		$	55,844

Weighted-average common shares outstanding – Basic	78,176,705			78,159,280			78,176,705			78,351,369
Effect of dilutive shares⁽²⁾	—			—			227,350			—
Weighted-average common shares outstanding – Diluted	78,176,705			78,159,280			78,404,055			78,351,369

Earnings per common share – Diluted	$	(0.09	)	$	0.25		$	0.45		$	0.71

(1)

For the three months ended June 30, 2017, the effect of any diluted shares on distributed and undistributed earnings to restricted shares would have been anti-dilutive and were excluded from the calculation. For the three months ended June 30, 2016, distributed and undistributed earnings to restricted shares were 0.87% of net income. For the six months ended June 30, 2017 and 2016, distributed and undistributed earnings to restricted shares were 0.72% and 0.80%, respectively, of net income. The amount of restricted share forfeitures for all periods present is immaterial to the allocation of distributed and undistributed earnings.


(2)	For the three months ended June 30, 2017, the effect of 170,116 contingently issuable shares related to the Company’s PSUs would have been anti-dilutive and were excluded from the calculation. For the six months ended June 30, 2017, dilutive shares represented contingently issuable shares. For the three and six months ended June 30, 2016, we had no dilutive shares.