19. EARNINGS PER SHARE

We determined that the Series B Preferred Shares are a participating security, and accordingly, our basic and diluted net income / loss per share is calculated using the two-class method. Under the two-class method, basic net income / loss per common share is computed by dividing the net income available to common shareholders after deducting contractual amounts of accretion on our Series B Preferred Shares and the income allocated to these shares by the weighted-average number of common shares outstanding during the period. Diluted net income / loss per share is computed by dividing the adjusted net income by the weighted-average number of dilutive shares outstanding during the period.

The components of basic and diluted earnings per share are as follows:



	For The Year Ended December 31,
	2017			2016			2015
Income / (loss) from continuing operations	$	54,053		$	(164,425	)	$	(86,176	)
Net loss attributable to noncontrolling interests	341			306			671
Less: preferred share accretion paid in kind (Note 12)	(9,694		)	(13,701		)	(17,272		)
Less: income allocated to Series B Preferred Shares	(18,213		)	—			—
Income / (loss) from continuing operations available to common shareholders, net of noncontrolling interest	26,487			(177,820		)	(102,777		)
Loss from discontinued operations, net of tax (Note 3)	(4,626		)	(16,172		)	(29,396		)
Net income / (loss) attributable to CME Ltd. available to common shareholders — basic	21,861			(193,992		)	(132,173		)

Effect of dilutive securities
Dilutive effect of Series B Preferred Shares	5,713			—			—
Net income / (loss) attributable to CME Ltd. available to common shareholders — diluted	$	27,574		$	(193,992	)	$	(132,173	)

Weighted average outstanding shares of common stock — basic ⁽¹⁾	155,846			151,017			146,866
Dilutive effect of common stock warrants, employee stock options and RSUs	80,558			—			—
Weighted average outstanding shares of common stock — diluted	236,404			151,017			146,866

Net income / (loss) per share:
Continuing operations — basic	$	0.17		$	(1.18	)	$	(0.70	)
Continuing operations — diluted	0.15			(1.18		)	(0.70		)
Discontinued operations — basic	(0.03		)	(0.10		)	(0.20		)
Discontinued operations — diluted	(0.03		)	(0.10		)	(0.20		)
Net income / (loss) attributable to CME Ltd. — basic	0.14			(1.28		)	(0.90		)
Net income / (loss) attributable to CME Ltd. — diluted	0.12			(1.28		)	(0.90		)

⁽¹⁾

For the purpose of computing basic earnings per share, the 11,211,449 shares of Class A common stock underlying the Series A Preferred Share are included in the weighted average outstanding shares of common stock - basic, because the holder of the Series A Preferred Share is entitled to receive any dividends payable when dividends are declared by the Board of Directors with respect to any shares of the common stock.

The following weighted-average, equity awards and convertible shares were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive for the periods presented:



	For The Year Ended December 31,
	2017	2016	2015
Employee stock options	—	2,011	1,666
RSUs	144	1,219	1,556
Series B Preferred Shares	—	105,167	—
Total	144	108,397	3,222

These instruments may become dilutive in the future. As set forth in the Certificate of Designation for the Series B Preferred Shares, the holders of our Series B Preferred Shares are not contractually obligated to share in our losses.