Earnings Per Share

3 Months Ended

Mar. 31, 2016

In periods in which the company has net income, the company is required to calculate earnings per share using the two-class method. The two-class method is required because the company's unvested shares are considered participating securities. Participating securities have the right to receive dividends should the company declare dividends on its common stock. Under the two-class method, undistributed and distributed earnings are allocated on a pro-rata basis to the common and restricted stockholders. The weighted-average number of common and restricted shares outstanding during the period is then used to calculate earnings per share (EPS) for each class of shares.

In periods in which the company has a net loss, basic loss per share is calculated using the treasury stock method. The treasury stock method is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period. The two-class is method is not used, because the two-class calculation is anti-dilutive.

Reconciliations of basic and diluted EPS are as follows:



	Three Months Ended March 31,
In thousands, except per share amounts	2016			2015
Basic Earnings (Loss) per Share
Net income (loss)	$	(5,603	)	$	1,615
Weighted-average common shares outstanding used in earnings (loss) per share computations	61,331			61,872
Earnings (loss) per common share	$	(0.09	)	$	0.03

Diluted Earnings (Loss) per Share
Net income (loss)	$	(5,603	)	$	1,615
Shares used in diluted earnings per share computations	61,331			62,201
Earnings (loss) per common share	$	(0.09	)	$	0.03

Computation of Shares Used in Earnings (Loss) Per Share Computations
Weighted-average common shares outstanding	61,331			61,872
Weighted-average common equivalent shares-dilutive effect of stock options and awards	—			329
Shares used in diluted earnings (loss) per share computations	61,331			62,201

4.4 million and 3.2 million of anti-dilutive market price options have been excluded from the calculation of shares used in the diluted EPS calculation for the three months ended March 31, 2016 and 2015, respectively. 0.9 million anti-dilutive unvested shares were excluded from the calculation of shares used in the diluted EPS calculation for the three months ended March 31, 2016. No anti-dilutive unvested shares were excluded from the calculation of shares used in the diluted EPS calculation for the three months ended March 31, 2015.