Note 11—Earnings (Loss) Per Share

Earnings (Loss) Per Share

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS takes into account the dilutive effect of potential common stock that could be issued by the Company in conjunction with any stock awards that have been granted to directors and employees. In accordance with FASB ASC Topic 260, awards of non-vested shares shall be considered to be outstanding as of the grant date for purposes of computing diluted EPS even though their exercise is contingent upon vesting. During periods in which the Company incurs a net loss, diluted weighted-average shares outstanding are equal to basic weighted-average shares outstanding because the effect of all equity awards is antidilutive. The following is a calculation of the basic and diluted weighted-average number of shares of common stock outstanding and EPS for the years ended December 31, 2017, 2016, and 2015, respectively:

	Year Ended December 31,
(in thousands, except per share data)	2017						2016								2015
	Income (Loss)		Shares		Per Share		Income (Loss)			Shares		Per Share			Income (Loss)			Shares		Per Share
Basic:
Net income (loss), shares, basic	$	8,525		262,181	$	0.03	$	(206,735	)		241,434	$	(0.86	)	$	(961,791	)		217,897	$	(4.41	)
Weighted-average number of shares of common stock-diluted:
Restricted stock and performance unit awards		—		3,001				—			—					—			—
Diluted:
Net income (loss), shares, diluted	$	8,525		265,182	$	0.03	$	(206,735	)		241,434	$	(0.86	)	$	(961,791	)		217,897	$	(4.41	)