Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2017

17. Earnings (Loss) per Share

Potential dilutive 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				Six Months Ended
			June 30,				June 30,
			2017		2016		2017		2016
Numerator for calculation of diluted earnings (loss) per share:
		Net income (loss)	$	(6,948)	$	35,289	$	(27,056)	$	(1,086)
Denominator for basic income (loss) per share –
	weighted-average shares outstanding			75,086		61,296		70,634		61,244
Dilutive effect of stock equivalents				—		675		—		—
Denominator for diluted earnings (loss) per share				75,086		61,971		70,634		61,244

Basic earnings (loss) per share			$	(0.09)	$	0.58	$	(0.38)	$	(0.02)
Diluted earnings (loss) per share			$	(0.09)	$	0.57	$	(0.38)	$	(0.02)

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		Six Months Ended
	June 30,		June 30,
	2017	2016	2017	2016
Anti-dilutive stock equivalents	3,423	—	3,133	2,587