EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 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
	June 30, 2016							June 30, 2015
	Shares	Net Income			EPS			Shares	Net Income			EPS
Basic Earnings per Share	36,683,429	$	(13,403	)	$	(0.37	)	34,957,134	$	(25,527	)	$	(0.73	)
Dilutive earnings per share	36,683,429	$	(13,403	)	$	(0.37	)	34,957,134	$	(25,527	)	$	(0.73	)



	Six Months Ended
	June 30, 2016							June 30, 2015
	Shares	Net Income			EPS			Shares	Net Income		EPS
Basic net earnings (loss) per share	36,601,807	$	(2,187	)	$	(0.06	)	31,079,053	$	14,128	$	0.45
Dilutive shares related to derivative warrants	1,461,478	—						—	—
Change in fair value of derivative instruments	—	(5,277		)				—	—
Convertible debt	—	—						2,642,160	1,035
Restricted stock	—	—						292,027	—
Stock options	—	—						814,165	—
Dilutive net earnings (loss) per share	38,063,285	$	(7,464	)	$	(0.20	)	34,827,405	$	15,163	$	0.44

For the three and six months ended June 30, 2016 and 2015, the following shares were excluded because they were anti-dilutive (share amounts in millions):



	Three Months Ended		Six Months Ended
	June 30, 2016	June 30, 2015	June 30, 2016	June 30, 2015
Restricted stock units	0.3	—	0.3	—
Convertible debt	2.6	2.6	2.6	—
Options	6.1	2.6	5.9	1.2
Warrants	2.7	—	—	3.3
Total anti-dilutive shares	11.7	5.2	8.8	4.5