Earnings Per Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share

Earnings Per Share

13. Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares and common equivalent shares outstanding during the period. The weighted average number of common equivalent shares outstanding has been determined in accordance with the treasury stock method. Common equivalent shares consist of common stock issuable on the vesting of restricted stock units and exercise of outstanding options when dilutive.

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Net income (loss)	$	7,927	$	(53,817)	$	16,046	$	(47,843)
Weighted average shares outstanding, basic		52,917,288		46,802,915		52,861,826		45,058,057
Weighted average common equivalent shares		546,289		—		513,032		—
Weighted average shares outstanding, diluted		53,463,577		46,802,915		53,374,858		45,058,057
Net earnings (loss) per share
Basic	$	0.15	$	(1.15)	$	0.30	$	(1.06)
Diluted	$	0.15	$	(1.15)	$	0.30	$	(1.06)
Equity instruments excluded from diluted net earnings (loss) per share calculation as the effect would have been anti-dilutive:
Restricted stock		—		159,673		—		159,673