Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

Note S — Earnings Per Common Share

Summarized basic and diluted earnings per common share were calculated as follows (in thousands, except per share data):



	Year Ended December 31,
	2015			2014		2013
Numerator:
Net earnings (loss)	$	(866,628	)	$	96,422	$	128,757
Denominator:
Weighted-average shares outstanding	53,050			52,850		54,804
Effect of dilutive stock awards	—			276		358
Weighted-average dilutive shares	53,050			53,126		55,162

Basic earnings (loss) per share	$	(16.34	)	$	1.82	$	2.35
Diluted earnings (loss) per share	$	(16.34	)	$	1.81	$	2.33

Diluted loss per common share for the year ended December 31, 2015, did not include the effect of dilutive stock awards because the result would have been anti-dilutive. For 2015, 2014, and 2013, the number of stock options that were outstanding but not included in the computation of diluted earnings per common share because their exercise price was greater than the average market price of the common stock and, therefore anti-dilutive, were 2,585,711, 2,496,147, and 1,507,355, respectively.