Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2016

Computation of Basic and Diluted Earnings (Loss) Per Share

The following table summarizes the computation of basic and diluted earnings per share:



	Years Ended December 31,
	2016		2015		2014
	(In thousands, except per share data)
Earnings per common share—basic
Net income attributable to Callaway Golf Company	$	189,900	$	14,568	$	16,008
Weighted-average common shares outstanding—basic	94,045		83,116		77,559
Basic earnings per common share	$	2.02	$	0.18	$	0.21

Earnings per common share—diluted
Net income attributable to Callaway Golf Company	$	189,900	$	14,568	$	16,008
Weighted-average common shares outstanding—basic	94,045		83,116		77,559
Options and restricted stock	1,800		1,495		826
Weighted-average common shares outstanding—diluted	95,845		84,611		78,385
Dilutive earnings per common share	$	1.98	$	0.17	$	0.20

(1)

During the fourth quarter of 2016, the Company reversed a significant portion of the valuation allowance on its U.S. deferred tax assets. This resulted in a favorable impact to net income of $156,600,000 ($1.63 per share), partially offset by $15,974,000 ($0.16 per share) as the result of the recognition of income taxes that were retroactive for all of 2016 on the Company's U.S. business (see Note 9). In addition, net income for 2016 includes a $17,662,000 ($0.18 per share) pre-tax gain from the sale of approximately 10.0% of the Company's investment in Topgolf (see Note 6).