Earnings Per Share

3 Months Ended

Mar. 31, 2017

Earnings Per Common Share

Summarized basic and diluted earnings per common share were calculated as follows:



	Three Months Ended March 31,
(in thousands, except per share data)	2017			2016
Numerator:
Net (loss) earnings	$	(6,679	)	$	25,061
Denominator:
Weighted-average shares outstanding	53,217			53,085
Effect of dilutive stock awards	—			257
Weighted-average dilutive shares	53,217			53,342

Basic (loss) earnings per common share	$	(0.13	)	$	0.47
Diluted (loss) earnings per common share	$	(0.13	)	$	0.47

For the three-month period ended March 31, 2017 and 2016, the number of stock options that were outstanding but not included in the computation of diluted earnings per common share because the exercise price was greater than the average market price of the common stock and, therefore anti-dilutive, were 3,330,165 and 3,791,737, respectively.