Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2017

The calculations of net income (loss) per share were as follows:



	Three months ended June 30,					Six months ended June 30,
	2017			2016		2017			2016
	(Unaudited - In thousands, except per share data)
Basic:
Net income (loss)	$	(29,097	)	$	38,976	$	(51,194	)	$	23,524
Weighted average common shares outstanding	20,411			20,333		20,395			20,391
Net income (loss) per share	$	(1.43	)	$	1.92	$	(2.51	)	$	1.15

Diluted:
Net income (loss)	$	(29,097	)	$	38,976	$	(51,194	)	$	23,524
Interest on convertible senior debentures	—			1,119		—			2,229
Net income (loss) for dilutive share computation	(29,097		)	40,095		(51,194		)	25,753

Number of shares under in basic per share computation	20,411			20,333		20,395			20,391
Convertible senior debentures	—			3,034		—			3,034
Unvested restricted stock and DSUs	—			148		—			155
Employee stock options	—			24		—			22
Weighted average common shares outstanding	20,411			23,539		20,395			23,602

Net income (loss) per share	$	(1.43	)	$	1.70	$	(2.51	)	$	1.09

Basic and diluted average common shares outstanding for purposes of computing net income (loss) per share includes outstanding common shares and vested deferred stock units (DSUs).

If a consolidated or equity method partner company has dilutive stock options, unvested restricted stock, DSUs or warrants, diluted net income (loss) per share is computed by first deducting the income attributable to the potential exercise of the dilutive securities of the partner company from net income (loss). Any impact is shown as an adjustment to net income (loss) for purposes of calculating diluted net income (loss) per share.

Diluted earnings per share for the three and six months ended June 30, 2017 and 2016 do not reflect the following potential shares of common stock that would have an anti-dilutive effect or have unsatisfied performance or market conditions:


•	At June 30, 2017 and 2016, options to purchase 0.7 million and 0.7 million shares of common stock, respectively, at prices ranging from $9.83 to $19.95 and $7.41 to $19.95, respectively, were excluded from the calculations.


•	At June 30, 2017 and 2016, unvested restricted stock, performance-based stock units and DSUs convertible into 0.9 million and 0.5 million shares of stock, respectively, were excluded from the calculations.


•	At June 30, 2017, 2.4 million shares of common stock representing the effect of the assumed conversion of the 2018 Debentures, were excluded from the calculations.