EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2015

Basic earnings (loss) per share (“EPS”) represent net income (loss) attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Diluted EPS represents net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period using the treasury stock method.

Basic and diluted net EPS is calculated as follows (net income amounts are stated in thousands):



	For the year ended December 31,
	2015					2014							2013
	Shares	Net Income		EPS		Shares	Net Income			EPS			Shares	Net Income			EPS
Basic Earnings per Share	33,560,249	$	117,237	$	3.49	25,057,509	$	(110,938	)	$	(4.43	)	14,205,264	$	(34,625	)	$	(2.44	)
Convertible Debt	2,642,160	1,881				—	—						—	—
Restricted Stock	290,966	—				—	—						—	—
Stock Options	1,088,064	—				—	—						—	—
Dilutive Earnings per Share	37,581,439	$	119,118	$	3.17	25,057,509	$	(110,938	)	$	(4.43	)	14,205,264	$	(34,625	)	$	(2.44	)

For the years ended December 31, 2015, 2014 and 2013, the following shares were excluded because they were anti-dilutive:



	For the year ended December 31,
	2015	2014	2013
Restricted Stock	22,069	—	—
Options	1,049,375	1,132,500	172,667
Warrants	2,665,548	3,083,855	4,462,426
Total Anti-Dilutive Shares	3,736,992	4,216,355	4,635,093