Note 9 - Earnings Per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per common share is calculated by dividing adjusted net income or loss by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist primarily of non-vested RSUs, contingent PSUs, and shares into which the Senior Convertible Notes are convertible, which are measured using the treasury stock method. Shares of the Company’s common stock traded at an average closing price below the $40.50 conversion price for the three and six months ended June 30, 2018, and 2017, and therefore the Senior Convertible Notes had no dilutive impact. Please refer to Note 1 - Summary of Significant Accounting Policies in the 2017 Form 10-K for additional detail on these potentially dilutive securities.

When the Company recognizes a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted net loss per common share. The following table presents the weighted-average anti-dilutive securities for the periods presented:



	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2018	2017	2018	2017
	(in thousands)
Anti-dilutive	—	44	—	59

The following table sets forth the calculations of basic and diluted net income (loss) per common share:



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2018		2017			2018		2017
	(in thousands, except per share data)
Net income (loss)	$	17,197	$	(119,907	)	$	334,598	$	(45,473	)

Basic weighted-average common shares outstanding	111,701		111,277			111,698		111,274
Dilutive effect of non-vested RSUs and contingent PSUs	1,929		—			1,569		—
Dilutive effect of Senior Convertible Notes	—		—			—		—
Diluted weighted-average common shares outstanding	113,630		111,277			113,267		111,274

Basic net income (loss) per common share	$	0.15	$	(1.08	)	$	3.00	$	(0.41	)
Diluted net income (loss) per common share	$	0.15	$	(1.08	)	$	2.95	$	(0.41	)