Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

	Years Ended December 31,
	2017			2016		2015
Numerator:
Net (loss) income	$	(266,981	)	$	63,852	$	(44,342	)
Denominator:
Denominator for basic earnings per share -
weighted average shares		36,729			36,580		37,457
Effect of dilutive securities:
Employee stock options and restricted stock ⁽¹⁾		-			338		-
Denominator for diluted earnings per share -
Adjusted weighted average shares and the effect of dilutive
securities		36,729			36,918		37,457
Net (loss) income per share:
Net (loss) income per share - basic	$	(7.27	)	$	1.75	$	(1.18	)
Net (loss) income per share - diluted ⁽²⁾	$	(7.27	)	$	1.73	$	(1.18	)

(1)

The effect of dilutive securities for employee stock options and restricted stock in the year ended December 31, 2017 was affected by the adoption of ASU 2016-09 at the beginning of 2017. In accordance with the standard, the effect of dilutive securities in the calculation of diluted net income per share was applied prospectively and results for the years ended December 31, 2016 and 2015 have not been revised.

(2)

As a result of the net loss in the years ended December 31, 2017 and 2015, the effect of potentially dilutive securities would have been anti-dilutive and have been omitted from the calculation of diluted earnings per share, consistent with GAAP.