INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2016

NOTE 11 INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing the net income (loss) 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 and six months ended June 30, 2016 and 2015:


	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
	(amounts in thousands, except net income per share)
Net income (loss)	$	8,353	$	(14,116)	$	21,338	$	(8,095)

Weighted average common shares outstanding:		298,237		300,530		298,239		300,364
Effect of employee stock-based awards		1,554		—		992		—
Diluted shares outstanding:		299,791		300,530		299,231		300,364

Net income (loss) per share:	$	0.03	$	(0.05)	$	0.07	$	(0.03)
Diluted	$	0.03	$	(0.05)	$	0.07	$	(0.03)

For the three months ended June 30, 2016, options to purchase 2.3 million shares of common stock outstanding at June 30, 2016 (June 30, 2015 – 4.4 million) at an average exercise price of $4.20 per share (June 30, 2015 – $3.36) 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 during that period.

For the six months ended June 30, 2016, options to purchase 3.0 million shares of common stock outstanding at June 30, 2016 (June 30, 2015 – 4.4 million) at an average exercise price of $3.73 per share (June 30, 2015 – $3.49) 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 during the six months ended June 30, 2016.