Earnings Per Share

12 Months Ended

Dec. 31, 2015

The Company computes earnings per share in accordance with FASB ASC 260-10. Basic earnings per share (“Basic EPS”) has been computed using the weighted average number of common shares outstanding during each period. Diluted earnings per share ("Diluted EPS") assumes, as of the beginning of the period, exercise of stock options and restricted stock grants using the treasury stock method. Diluted EPS also assumes conversion of performance-based restricted stock units to common shares based on the number of shares (if any) that would be issuable, according to predetermined performance and market goals, if the end of the reporting period was the end of the performance period. As we recognized a net loss for the years ended December 31, 2015, 2014 and 2013, the unvested share-based payments and stock options were not recognized in diluted earnings per share (“Diluted EPS”) calculations as they would be antidilutive.

The following is a reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS for the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share amounts):



	2015							2014							2013
	Net Income (Loss)			Shares	Per Share Amount			Net Income (Loss)			Shares	Per Share Amount			Net Income (Loss)			Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	(1,653,971	)	44,463	$	(37.20	)	$	(283,427	)	43,795	$	(6.47	)	$	(2,442	)	43,331	$	(0.06	)
Dilutive Securities:
Stock Options				—							—							—
Restricted Stock Awards				—							—							—
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	(1,653,971	)	44,463	$	(37.20	)	$	(283,427	)	43,795	$	(6.47	)	$	(2,442	)	43,331	$	(0.06	)

All of the 1.3 million, 1.4 million and 1.6 million stock options to purchase shares were not included in the computation of Diluted EPS for the years ended December 31, 2015, 2014 and 2013, respectively, as they were antidilutive.

Approximately 0.5 million restricted stock awards for the years ended December 31, 2015 and 2014, respectively, and 0.3 million restricted stock awards for the year ended December 31, 2013 were not included in the computation of Diluted EPS, as they would be antidilutive given the net loss.

Approximately 0.6 million, 0.4 million and 0.3 million shares related to performance-based restricted stock units that could be converted to common shares based on predetermined performance and market goals were not included in the computation of Diluted EPS for years ended December 31, 2015, 2014 and 2013, respectively, primarily because the performance and market conditions had not been met, assuming the end of the reporting period was the end of the performance period.