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Net Earnings (Loss) Per Common Share
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
Net Earnings (Loss) Per Common Share
The following table sets forth the computation of basic and diluted net earnings (loss) per common share.
 
2017
 
2016
 
2015
 
(In thousands, except per share data)
Basic
 
 
 
 
 
Average common shares outstanding
32,752

 
32,471

 
32,171

 
 
 
 
 
 
Net loss from continuing operations
$
(76,541
)
 
$
(42,856
)
 
$
(26,450
)
Net earnings from discontinued operations
$
—

 
$
—

 
$
260

Net loss
$
(76,541
)
 
$
(42,856
)
 
$
(26,190
)
 
 
 
 
 
 
Net loss per common share from continuing operations
$
(2.34
)
 
$
(1.32
)
 
$
(0.82
)
Net earnings per common share from discontinued operations
$
—

 
$
—

 
$
0.01

Net loss per common share
$
(2.34
)
 
$
(1.32
)
 
$
(0.81
)
 
 
 
 
 
 
Diluted
 
 
 
 
 
Average common shares outstanding
32,752

 
32,471

 
32,171

Stock options and awards
464

 
119

 
512

Average common shares assuming dilution
33,216

 
32,590

 
32,683

 
 
 
 
 
 
Net loss from continuing operations
$
(76,541
)
 
$
(42,856
)
 
$
(26,450
)
Net earnings from discontinued operations
$
—

 
$
—

 
$
260

Net loss
$
(76,541
)
 
$
(42,856
)
 
$
(26,190
)
 
 
 
 
 
 
Net loss per common share from continuing operations *
$
(2.34
)
 
$
(1.32
)
 
$
(0.82
)
Net earnings per common share from discontinued operations
$
—

 
$
—

 
$
0.01

Net loss per common share *
$
(2.34
)
 
$
(1.32
)
 
$
(0.81
)


* Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss.

At December 31, 2017, 2016 and 2015, shares associated with stock options of 801,992, 1,730,707 and 1,479,912, respectively, were excluded from the average common shares assuming dilution, as they were anti-dilutive. At December 31, 2017, the majority of the anti-dilutive shares were granted at an exercise price of $25.79, which was higher than the average fair market value price of $13.93 for 2017. In 2016, the majority of the anti-dilutive shares were granted at an exercise price of $25.24, which was higher than the average fair market value price of $12.36 for 2016. In 2015, the majority of the anti-dilutive shares were granted at an exercise price of $25.24, which was higher than the average fair market value price of $18.51 for 2015. For the 2017, 2016 and 2015 net loss per share from continuing operations calculation, all the shares associated with stock options were anti-dilutive because of the company's loss.









For 2017 and 2016, no shares were included in the common shares assuming dilution related to the company's issued warrants as the average market price of the company stock for these periods did not exceed the strike price of the warrants.