Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2017

17. Earnings (Loss) per Share

Dilutive potential shares of common stock may include restricted stock and units, options, and performance units issued under our Long Term Incentive Plan (“LTIP”). We apply the treasury stock method to determine dilution from restricted stock and units, options, and performance units. On February 28, 2017, we issued 13.5 million shares of common stock through a registered underwritten public offering.

The following table summarizes the calculation of diluted earnings (loss) per share (in thousands, except per share amounts):

				Three Months Ended
			March 31,
			2017		2016
Numerator for calculation of diluted earnings (loss) per share:
		Net income (loss)	$	(20,108)	$	(36,375)
Denominator for basic income (loss) per share – weighted-average
	shares outstanding			66,132		61,191
Dilutive effect of stock equivalents				—		—
Denominator for diluted earnings (loss) per share				66,132		61,191
Diluted earnings (loss) per share			$	(0.30)	$	(0.59)

For the periods presented, the following items were excluded from the diluted earnings (loss) per share calculation because they were anti-dilutive (in thousands):

	Three Months Ended
	March 31,
	2017	2016
Anti-dilutive stock equivalents	2,993	3,077