Earnings per share

6 Months Ended

Jun. 30, 2016

The following table sets forth the components of diluted (loss) earnings per share (in thousands, except share and per share amounts):



	Three months ended June 30, 2016			Three months ended June 30, 2015		Six months ended June 30, 2016			Six months ended June 30, 2015
Numerator
Net (loss) income	$	(63,528	)	$	13,092	$	(109,186	)	$	25,516

Denominator
Weighted average common stock outstanding – basic	54,616,221			57,208,273		54,998,171			57,204,602
Stock options using the treasury method	—			195,420		—			198,066
Restricted stock	—			4,152		—			4,585
Weighted average common stock outstanding – diluted	54,616,221			57,407,845		54,998,171			57,407,253

(Loss) earnings per basic share	$	(1.16	)	$	0.23	$	(1.99	)	$	0.45
(Loss) earnings per diluted share	$	(1.16	)	$	0.23	$	(1.99	)	$	0.44

We excluded the items presented below from the calculation of diluted earnings per share as they were antidilutive for the periods indicated:



	Three months ended June 30, 2016	Three months ended June 30, 2015	Six months ended June 30, 2016	Six months ended June 30, 2015
Denominator (in weighted-average shares)
Stock options	153,714	—	156,365	—
Restricted stock	5,688	—	5,482	—

Effective April 1, 2015, we have the flexibility to pay up to 25% of the Incentive Management Fee to AAMC in shares of our common stock. Should we choose to do so, our earnings available to common stockholders would be diluted to the extent of such issuance. Because AAMC did not earn any Incentive Management Fees, no dilutive effect was recognized for the six months ended June 30, 2016.