Earnings (loss) per common share

3 Months Ended

Mar. 31, 2017

Earnings per common share

Basic earnings per common share were computed by dividing earnings on common stock by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per common share were computed by dividing earnings on common stock by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of outstanding performance share awards. Common stock outstanding includes issued shares less shares held in treasury. Net income was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations was as follows:



	Three Months Ended
	March 31,
	2017	2016
	(In thousands)
Weighted average common shares outstanding - basic	195,304	195,284
Effect of dilutive performance share awards	719	—
Weighted average common shares outstanding - diluted	196,023	195,284
Shares excluded from the calculation of diluted earnings per share	—	—