(LOSS) EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2016

4.	(LOSS) EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net (loss) income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows:

	Three months ended March 31
(In thousands)	2016			2015
Net (loss) income available for stockholders	$	(32,511	)	$	7,548
Less: Adjustments for earnings attributable to participating securities		-			(87	)
Net (loss) income used in calculating earnings per share	$	(32,511	)	$	7,461

Weighted average shares outstanding (including participating securities)		217,433			213,492
Adjustment for participating securities		(3,322	)		(3,423	)
Shares used in calculating basic earnings per share		214,111			210,069
Dilutive effect of stock based awards		-			93
Shares used in calculating diluted earnings per share		214,111			210,162