INCOME (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2016

NOTE 9 INCOME PER SHARE

Basic net income per share is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed similarly except that the weighted average number of common shares is increased to reflect all dilutive instruments.

Below is a reconciliation of the basic and diluted weighted average number of common shares and exchangeable shares outstanding and the computations for basic and diluted net income per share for the three months ended March 31, 2016 and 2015:


	Three months ended March 31,
	(amounts in thousands, except net income per share)
	2016		2015
Net income	$	12,985	$	6,021

Weighted average common shares outstanding:		298,242		297,255
Effect of employee stock-based awards		312		11
Diluted shares outstanding:		298,554		297,266

Net income per share:	$	0.04	$	0.02
Diluted	$	0.04	$	0.02

For the three months ended March 31, 2016, options to purchase 4.6 million shares of common stock outstanding at March 31, 2016 (March 31, 2015 – 5.0 million) at an average exercise price of $3.26 per share (March 31, 2015 – $3.32) were not included in the computation of diluted weighted average shares because the exercise price exceeded the average price of the Company’s common stock for the three months ended March 31, 2016.

Other outstanding options to purchase 0.3 million shares of common stock were not included in the computation of diluted weighted average shares in the three months ended March 31, 2016 because their effect would have been anti-dilutive.