Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2016

14. Net Income (Loss) Per Share

Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period, plus the potential dilutive effect of other securities if those securities were converted or exercised. During periods in which the Company incurs net losses, both basic and diluted loss per share is calculated by dividing the net loss by the weighted average shares outstanding and potentially dilutive securities are excluded from the calculation because their effect would be antidilutive.


	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands, except share and per share amounts)	2016		2015			2016		2015
Net income (loss)	$	7,350	$	(24,423	)	$	17,673	$	(24,048	)

Basic weighted average common shares outstanding		30,377,562		18,898,003			30,372,901		18,489,451
Effect of dilutive restricted stock awards		165,166		—			80,875		—

Diluted weighted average common shares outstanding		30,542,728		18,898,003			30,453,776		18,489,451

Basic and diluted income (loss) per weighted average common share outstanding	$	0.24	$	(1.29	)	$	0.58	$	(1.30	)

The weighted average number of common shares for the three and six months ended June 30, 2016 did not include 2,183,075 options and unvested restricted stock for each period because of their antidilutive effect, as compared to the three and six months ended June 30, 2015, which did not include 2,153,827 options and unvested restricted stock for each period.