Earnings per Common Share

Basic net (loss) income per common share is based upon the weighted average number of common shares outstanding during the period. Diluted net (loss) income per common share is based upon the weighted average number of common shares outstanding, including the dilutive effect, if any, of potentially dilutive securities using the treasury stock method. Additionally, for the twelve month period ended December 31, 2016, the earnings per share amount was calculated using the if-converted method to account for the dilutive impact of the Convertible Notes. The Convertible Notes matured in the quarter ended June 30, 2016.

The Company’s potentially dilutive shares consist of: (i) vested and unvested stock options that are in-the-money, (ii) unvested RSUs, and (iii) shares potentially issuable upon conversion of the Notes.

A reconciliation of the (loss) earnings per share data from a basic to a fully diluted basis is detailed below (amounts in thousands, except per share data):



	2018			2017			2016
(Loss) income from operations used for basic earnings per share	$	(401,909	)	$	(24,550	)	$	184,243
Convertible debt income adjustments, net of tax	—			—			1,049
(Loss) income from operations adjusted for convertible debt as used for diluted earnings per share	$	(401,909	)	$	(24,550	)	$	185,292
(Loss) income from operations per share:
Basic	$	(3.21	)	$	(0.20	)	$	1.50
Diluted (1)	$	(3.21	)	$	(0.20	)	$	1.47
Shares used in computing (loss) income per share:
Weighted average basic shares outstanding	125,383			124,790			122,869
Dilutive securities:
Stock options and unvested RSUs	—			—			914
Shares issuable on conversion of the Notes	—			—			2,018
Total dilutive securities	—			—			2,932
Weighted average diluted shares outstanding	125,383			124,790			125,801

(1)

As a result of the Company's expectation that it would likely settle all future note conversions in shares of the Company's common stock, the diluted income from operations per share calculation for the periods prior to the complete conversion of the convertible debt on June 1, 2016, included the dilutive effect of convertible debt and was offset by the exclusion of interest expense and deferred financing fees related to the convertible debt of $1.0 million, after-tax for the year ended December 31, 2016.