Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2016

10. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed on the basis of weighted average outstanding common shares. Diluted earnings (loss) per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options and other outstanding dilutive securities.

The following table reconciles the average share amounts used to compute both basic and diluted earnings (loss) per share (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Weighted average shares outstanding:
Basic weighted average shares outstanding		116,118		117,922		117,606		117,035
Add: Dilutive effect of stock options		—		1,382		1,365		1,463

Diluted weighted average shares outstanding		116,118		119,304		118,971		118,498

The diluted loss per share computation excludes 9.9 million options to purchase shares, contingently issuable shares and restricted share awards during the three months ended September 30, 2016, as their effect would be anti-dilutive. The diluted earnings per share computation excludes 6.1 million options to purchase shares and contingently issuable shares during the nine months ended September 30, 2016, as their effect would be anti-dilutive. The diluted earnings per share computation excludes 3.6 million and 4.0 million options to purchase shares and contingently issuable shares during the three and nine months ended September 30, 2015, respectively, as their effect would be anti-dilutive.

Common stock outstanding as of September 30, 2016 and December 31, 2015 was 117,277,201 and 119,033,770, respectively.