Earnings Per Share

9 Months Ended

Sep. 30, 2016

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. In computing dilutive income (loss) per share, basic income (loss) per share is adjusted for the assumed issuance of all potentially dilutive share-based awards, including stock options, restricted stock and warrants.

The following table is a reconciliation of net income (loss) and the shares used in calculating basic and diluted net income (loss) for the three and nine months ended September 30, 2016:



(in thousands, except share data)	Three Months Ended September 30, 2016		Nine Months Ended September 30, 2016
Numerator:
Net income (loss)	$	7,312	$	(42,989	)
Denominator:
Weighted average common shares outstanding - Basic	49,567,735		49,385,733
Effect of dilutive shares:
Restricted stock awards to employees	5,172		—
Restricted stock awards to directors	54,893		—
Weighted average number of shares outstanding - Diluted	49,627,800		49,385,733
Antidilutive securities
Stock-based compensation awards⁽¹⁾:
Stock options	584,375		584,375
Restricted stock	272,897		332,961
Warrants:
Private placement warrants	6,160,000		6,160,000
Public warrants	9,823,072		9,823,072


(1)	Stock Appreciation Rights and Phantom Shares are payable in cash and will have no impact on number of shares outstanding

Warrants and options are considered anti-dilutive and excluded when the exercise price exceeds the average market value of the Company’s common stock price during the applicable period. Performance share units are considered anti-dilutive if the performance targets upon which the issuance of the shares is contingent have not been achieved and the respective performance period has not been completed as of the end of the current period.