EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2016

The following table represents the Company's basic and dilutive weighted average shares:



	Three months ended March 31,
	2016	2015
	(in thousands)
Basic weighted-average shares	73,078	87,865
Effect of dilutive stock-based awards	295	240
Diluted weighted-average shares	73,373	88,105

In each of the three months ended March 31, 2016 and 2015, the Company had 0.1 million of time-based and market-based stock awards that were not included in the computation of diluted earnings per share because the impact of applying the treasury stock method was anti-dilutive. Because certain conditions have not been met as of March 31, 2016 with respect to the Company's performance-based awards, the Company has determined these awards to be contingently issuable; as a result, all 0.1 million outstanding performance-based awards were not included in the diluted EPS calculation in each of the three months ended March 31, 2016 and 2015.

The Company has the intent and ability to settle the principal portion of its Notes in cash, and as such, has applied the treasury stock method, which has resulted in all underlying convertible shares being anti-dilutive as the Company's average stock price in the current quarter is less than the conversion price. Refer to Note 5, "Long-Term Debt" for more information on the Notes.