Earnings Per Share

3 Months Ended

Mar. 31, 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 warrants, restricted stock units, performance share units, and convertible preferred stock.

The following represents amounts that could potentially dilute basic earnings per share in the future:



Stock-based compensation awards⁽¹⁾:
Stock options	584,375
Restricted stock units	343,753
Restricted stock to directors	21,784
Warrants:
Private placement warrants	6,160,000
Public warrants	9,823,072


(1)	SARs and Phantom Options are payable in cash and will have no impact on number of shares outstanding

Warrants 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.