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INCOME (LOSS) PER SHARE
 9 Months Ended
Sep. 30, 2016
INCOME (LOSS) PER SHARE  
INCOME (LOSS) PER SHARE

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 nine months ended September 30, 2016 and 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended  September 30,

 

Nine months ended September 30,

 

 

    

2016

    

2015

    

2016

    

2015

  

 

 

(amounts in thousands, except net income (loss) per share)

 

Net income (loss)

 

$
4,208

 

$
2,633

 

$
25,546

 

$
(5,462)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 
298,510

 

 
300,530

 

 
298,330

 

 
300,420

 

Effect of employee stock-based awards

 

 
2,535

 

 

 —

 

 
1,665

 

 

 —

 

Diluted shares outstanding:

 

 
301,045

 

 
300,530

 

 
299,995

 

 
300,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

$
0.01

 

$
0.01

 

$
0.09

 

$
(0.02)

 

Diluted

 

$
0.01

 

$
0.01

 

$
0.09

 

$
(0.02)

 

 

For the three months ended September 30, 2016, options to purchase 1.3 million shares of common stock outstanding at September 30, 2016 (September 30, 2015 – 4.5 million) at an average exercise price of $5.18 per share (September 30, 2015 – $3.34) 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 nine months ended September 30, 2016, options to purchase 2.4 million shares of common stock outstanding at September 30, 2016 (September 30, 2015 – 4.4 million) at an average exercise price of $4.14 per share (September 30, 2015 – $3.37) 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 nine months ended September 30, 2016.