EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2016

Basic and diluted net earnings (loss) per common share is calculated by dividing net income (loss) applicable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. The Company’s potentially dilutive shares, which include outstanding stock options, restricted stock units, warrants and shares issuable upon conversion of the Notes, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive.

Basic and diluted net earnings (loss) per share is calculated as follows (net income amounts are stated in thousands):



	Three Months Ended
	March 31, 2016							March 31, 2015
	Shares	Net Income			EPS			Shares	Net Income		EPS
Basic Earnings per Share	36,520,186	$	11,216		$	0.31		27,157,883	$	39,655	$	1.46
Dilutive shares related to warrants	1,427,293	—			—			—			—
Change in fair value of derivative instruments	—	(14,340		)	—			—	—		—
Convertible debt	—	—			—			2,642,160	518		—
Restricted stock	—	—			—			211,688	—		—
Stock options	—	—			—			368,963	—		—
Dilutive earnings per share	37,947,479	$	(3,124	)	$	(0.08	)	30,380,694	$	40,173	$	1.32

For the three months ended March 31, 2016 and 2015, the following shares were excluded because they were anti-dilutive:



	Three Months Ended
	March 31, 2016	March 31, 2015
Restricted stock units	341,606	—
Convertible debt	2,642,160	—
Options	5,609,418	1,200,000
Warrants	—	3,422,021
Total Anti-Dilutive Shares	8,593,184	4,622,021