INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2017

INCOME (LOSS) PER SHARE

INCOME (LOSS) PER SHARE

NOTE 10   INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing the net (loss) income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net (loss) 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 (loss) income per share for the three and six months ended June 30, 2017 and 2016:

	Three months ended  June 30,				Six months ended June 30,
		2017	2016		2017		2016
		(amounts in thousands, except net income per share)
Net (loss) income	$	(1,712)	$	8,353	$	(4,728)	$	21,338
Weighted average common shares outstanding:		308,523		298,237		304,074		298,239
Effect of employee stock-based awards		—		1,554		—		992
Diluted shares outstanding:		308,523		299,791		304,074		299,231
Net (loss) income per share:
Basic	$	(0.01)	$	0.03	$	(0.02)	$	0.07
Diluted	$	(0.01)	$	0.03	$	(0.02)	$	0.07

For the three and six months ended June 30, 2017, as the Company was in a loss position, all potentially dilutive instruments were anti-dilutive and therefore not included in the calculation of diluted net loss per share.

For the three months ended June 30, 2016, options to purchase 2.3 million shares of common stock outstanding at an average exercise price of $4.20 per share 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 an average exercise price of $3.73 per share 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, 2017.