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Earnings (Loss) Per Share
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
EARNINGS (LOSS) PER SHARE

Information related to the calculation of earnings (loss) per share follows:
 
 
Earnings (Loss)
(Numerator)
 
Weighted
Shares
(Denominator)
 
Per-Share
Amount
 
 
(In thousands except per share amounts)
For the three months ended September 30, 2017
 
 
 
 
 
 
Basic earnings per common share
 
$
3,705

 
51,386

 
$
0.07

Effect of dilutive stock options, restricted stock, and stock appreciation rights (SARs)
 
—

 
586

 
—

Diluted earnings per common share
 
$
3,705

 
51,972

 
$
0.07

For the three months ended September 30, 2016
 
 
 
 
 
 
Basic loss per common share
 
$
(24,022
)
 
50,081

 
$
(0.48
)
Effect of dilutive stock options, restricted stock, and SARs
 
—

 
—

 
—

Diluted loss per common share
 
$
(24,022
)
 
50,081

 
$
(0.48
)


Due to the net loss for the three months ended September 30, 2016, approximately 546,000 weighted average shares related to stock options, restricted stock, and SARs were antidilutive and excluded from the calculation above.

The following table shows the number of stock options and SARs (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock:
 
 
Three Months Ended
 
 
September 30,
 
 
2017
 
2016
Stock options and SARs
 
178,755

 
240,270

Average exercise price
 
$
47.75

 
$
49.29



 
 
Earnings (Loss)
(Numerator)
 
Weighted
Shares
(Denominator)
 
Per-Share
Amount
 
 
(In thousands except per share amounts)
For the nine months ended September 30, 2017
 
 
 
 
 
 
Basic earnings per common share
 
$
28,693

 
51,019

 
$
0.56

Effect of dilutive stock options, restricted stock, and SARs
 
—

 
550

 
—

Diluted earnings per common share
 
$
28,693

 
51,569

 
$
0.56

For the nine months ended September 30, 2016
 
 
 
 
 
 
Basic loss per common share
 
$
(137,307
)
 
50,012

 
$
(2.75
)
Effect of dilutive stock options, restricted stock, and SARs
 
—

 
—

 
—

Diluted loss per common share
 
$
(137,307
)
 
50,012

 
$
(2.75
)


Because of the net loss for the nine months ended September 30, 2016, approximately 424,000 weighted average shares related to stock options, restricted stock, and SARs were antidilutive and excluded from the calculation above.

The following table shows the number of stock options and SARs (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock:
 
 
Nine Months Ended
 
 
September 30,
 
 
2017
 
2016
Stock options and SARs
 
178,755

 
240,270

Average exercise price
 
$
47.75

 
$
49.29