Earnings per Share

9 Months Ended

Sep. 30, 2015

Basic earnings per share (“EPS”) excludes dilution for potential common stock issuances and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted EPS, the basic weighted-average number of shares is increased by the dilutive effect of RSUs and common stock options using the treasury stock method.

The computation of basic and diluted EPS is as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2015			2014		2015		2014
($ in thousands, except per share amounts)
Net (Loss) Income	$	(3,703	)	$	36,995	$	25,034	$	78,554
Noncontrolling interests	3,054			345		3,436		267
Net (Loss) Income Attributable to Common Stockholders	$	(649	)	$	37,340	$	28,470	$	78,821
Shares (in thousands):
Basic: Weighted-average number of shares outstanding	8,775			9,096		8,876		9,115
Plus: Incremental shares from assumed conversion of dilutive instruments	—			183		163		207
Diluted: Weighted-average number of shares outstanding	8,775			9,279		9,039		9,322
(Loss) Earnings per Share—Basic	$	(0.07	)	$	4.10	$	3.21	$	8.65
(Loss) Earnings per Share—Diluted	$	(0.07	)	$	4.02	$	3.15	$	8.46

For the three and nine months ended September 30, 2015, there were 323,570 and 2,028 instruments, respectively, excluded from the above computations of weighted-average shares for diluted EPS, because the effect would be anti-dilutive. For each of the three and nine months ended September 30, 2014, there were zero instruments excluded from the above computation of weighted-average shares for diluted EPS.