Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2016

18.	EARNINGS (LOSS) PER SHARE

The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, Earnings per Share , which requires that non-vested restricted stock containing non-forfeitable dividend rights should be treated as participating securities pursuant to the two-class method. Under the two-class method, net income is reduced by the amount of dividends declared in the period for common stock and participating securities. The remaining undistributed earnings are then allocated to common stock and participating securities as if all of the net income for the period had been distributed. The amounts of distributed and undistributed earnings allocated to participating securities for the fiscal years 2016, 2015 and 2014 were insignificant and did not materially impact the calculation of basic or diluted EPS.

Basic EPS is computed by dividing income or loss available to common stockholders by the weighted average number of shares of common stock, shares in Redeemable common stock (including common stock issuances to key employees, vested restricted shares and vested restricted stock units) and non-vested restricted shares outstanding for the year.

Diluted EPS is computed using the weighted average number of shares of common stock, shares in Redeemable common stock and non-vested restricted shares outstanding for the period, plus the effect of potentially dilutive securities. Stock options, unvested restricted stock units and Stock Purchase Plan deferrals are considered potentially dilutive securities. For fiscal year 2014, which was a net loss fiscal year, Share-based awards representing 8,905,333 underlying common shares were not included in the computation of diluted earnings (loss) per share because their inclusion would be anti-dilutive.

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

	2016		2015		2014
Numerator (in thousands):
Net income (loss)	$	209,794	$	167,518	$	(72,914	)
Denominator:
Weighted-average common shares outstanding		200,129,868		169,560,616		169,467,651
Dilutive effect of Share-based awards		3,894,858		1,500,104		—
Weighted-average dilutive shares outstanding		204,024,726		171,060,720		169,467,651
Basic earnings (loss) per share	$	1.05	$	0.99	$	(0.43	)
Diluted earnings (loss) per share	$	1.03	$	0.98	$	(0.43	)