NOTE 10 (LOSS) INCOME 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 nine months ended September 30, 2017 and 2016:


	Three months ended September 30,				Nine months ended September 30,
		2017	2016		2017		2016
		(amounts in thousands, except net income per share)

Net (loss) income	$	(8,072)	$	4,208	$	(12,800)	$	25,546

Weighted average common shares outstanding:		314,077		298,510		307,445		298,330
Effect of employee stock-based awards		—		2,535		—		1,665
Diluted shares outstanding:		314,077		301,045		307,445		299,995

Net (loss) income per share:
Basic	$	(0.03)	$	0.01	$	(0.04)	$	0.09
Diluted	$	(0.03)	$	0.01	$	(0.04)	$	0.09

For the three and nine months ended September 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 September 30, 2016, options to purchase 1.3 million shares of common stock outstanding at an average exercise price of $5.18 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 nine months ended September 30, 2016, options to purchase 2.4 million shares of common stock outstanding at an average exercise price of $4.14 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 nine months ended September 30, 2016.