EARNINGS PER SHARE

Earnings per share is calculated based on income from continuing and discontinued operations less any income attributable to noncontrolling interests. Income attributable to noncontrolling interests represents third-party limited partner unitholders' interests in the earnings of our consolidated subsidiary, Rose Rock. Rose Rock allocates net income to its limited partners based on the distributions pertaining to the current period's available cash as defined by Rose Rock's partnership agreement. After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to Rose Rock's general partner, limited partners and participating securities in accordance with the contractual terms of Rose Rock's partnership agreement and as further prescribed under the two-class method. Incentive distribution rights do not participate in undistributed earnings.

Basic earnings per share is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share includes the dilutive effect of unvested equity compensation awards.

The following summarizes the calculation of basic earnings per share for the three months and six months ended June 30, 2016 and 2015 (in thousands, except per share amounts):



	Three Months Ended June 30, 2016							Three Months Ended June 30, 2015
	Continuing Operations		Discontinued Operations			Net		Continuing Operations		Discontinued Operations			Net
Income (loss)	$	9,933	$	(2	)	$	9,931	$	28,435	$	(2	)	$	28,433
less: Income attributable to noncontrolling interests	1,922		—			1,922		5,136		—			5,136
Income (loss) attributable to SemGroup	$	8,011	$	(2	)	$	8,009	$	23,299	$	(2	)	$	23,297
Weighted average common stock outstanding	45,236		45,236			45,236		43,798		43,798			43,798
Basic earnings (loss) per share	$	0.18	$	—		$	0.18	$	0.53	$	—		$	0.53



	Six Months Ended June 30, 2016									Six Months Ended June 30, 2015
	Continuing Operations			Discontinued Operations			Net			Continuing Operations		Discontinued Operations			Net
Income (loss)	$	3,687		$	(4	)	$	3,683		$	34,211	$	(2	)	$	34,209
less: Income attributable to noncontrolling interests	10,942			—			10,942			9,446		—			9,446
Income (loss) attributable to SemGroup	$	(7,255	)	$	(4	)	$	(7,259	)	$	24,765	$	(2	)	$	24,763
Weighted average common stock outstanding	44,553			44,553			44,553			43,758		43,758			43,758
Basic earnings (loss) per share	$	(0.16	)	$	—		$	(0.16	)	$	0.57	$	—		$	0.57

The following summarizes the calculation of diluted earnings per share for the three months and six months ended June 30, 2016 and 2015 (in thousands, except per share amounts):



	Three Months Ended June 30, 2016							Three Months Ended June 30, 2015
	Continuing Operations		Discontinued Operations			Net		Continuing Operations		Discontinued Operations			Net
Income (loss)	$	9,933	$	(2	)	$	9,931	$	28,435	$	(2	)	$	28,433
less: Income attributable to noncontrolling interests	1,922		—			1,922		5,136		—			5,136
Income (loss) attributable to SemGroup	$	8,011	$	(2	)	$	8,009	$	23,299	$	(2	)	$	23,297
Weighted average common stock outstanding	45,236		45,236			45,236		43,798		43,798			43,798
Effect of dilutive securities	411		411			411		215		215			215
Diluted weighted average common stock outstanding	45,647		45,647			45,647		44,013		44,013			44,013
Diluted earnings (loss) per share	$	0.18	$	—		$	0.18	$	0.53	$	—		$	0.53



	Six Months Ended June 30, 2016									Six Months Ended June 30, 2015
	Continuing Operations			Discontinued Operations			Net			Continuing Operations		Discontinued Operations			Net
Income (loss)	$	3,687		$	(4	)	$	3,683		$	34,211	$	(2	)	$	34,209
less: Income attributable to noncontrolling interests	10,942			—			10,942			9,446		—			9,446
Income (loss) attributable to SemGroup	$	(7,255	)	$	(4	)	$	(7,259	)	$	24,765	$	(2	)	$	24,763
Weighted average common stock outstanding	44,553			44,553			44,553			43,758		43,758			43,758
Effect of dilutive securities	—			—			—			217		217			217
Diluted weighted average common stock outstanding	44,553			44,553			44,553			43,975		43,975			43,975
Diluted earnings (loss) per share	$	(0.16	)	$	—		$	(0.16	)	$	0.56	$	—		$	0.56

For the six months ended June 30, 2016, we experienced a net loss attributable to SemGroup, as such the unvested equity compensation awards would have been antidilutive and, therefore, were not included in the computation of diluted earnings per share.