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NET INCOME (LOSS) PER SHARE
 12 Months Ended
Dec. 31, 2016
NET INCOME (LOSS) PER SHARE  
NET INCOME PER SHARE

NOTE 13. NET INCOME (LOSS) PER SHARE

 

Basic net income (loss) per share is calculated by dividing the net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is calculated by dividing the net income by the weighted-average number of shares of common stock outstanding during the period, plus potentially dilutive common shares, consisting of stock options and convertible debt. The Company uses the treasury-stock method to compute diluted earnings per share with respect to its stock options and equivalents. The Company uses the if-converted method to compute diluted earnings per share with respect to its convertible debt. For purposes of this calculation, options to purchase stock are considered to be potential common shares and are only included in the calculation of diluted net income (loss) per share when their effect is dilutive. Basic and diluted earnings per common share are calculated as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except for per share amounts)

 

2016

    

2015

    

2014

 

Basic net income (loss) per share

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$
(88,720)

 

$
(75,738)

 

$
131,762

 

Denominator

 

 
61,297

 

 
60,117

 

 
58,293

 

Basic net income (loss) per share

 

$
(1.45)

 

$
(1.26)

 

$
2.26

 

Diluted net income (loss) per share

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$
(88,720)

 

$
(75,738)

 

$
131,762

 

Add interest expense on convertible debt, net of tax

 

 

 —

 

 

 —

 

 
4,256

 

 

 

$
(88,720)

 

$
(75,738)

 

$
136,018

 

Denominator:

 

 

 

 

 

 

 

 

 

 

Denominator for basic net income (loss) per share

 

 
61,297

 

 
60,117

 

 
58,293

 

Add effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

Stock options and equivalents

 

 

 —

 

 

 —

 

 
2,463

 

Convertible debt

 

 

 —

 

 

 —

 

 
5,551

 

Denominator for diluted net income (loss) per share:

 

 
61,297

 

 
60,117

 

 
66,307

 

Diluted net income (loss) per share:

 

$
(1.45)

 

$
(1.26)

 

$
2.05

 

 

The following table sets forth outstanding potential shares of common stock that are not included in the computation of diluted net income (loss) per share because, to do so would be anti-dilutive:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

2016

    

2015

    

2014

 

Convertible debt

 
17,931

 
17,931

 

 —

 

Stock options and equivalents

 
3,371

 
1,490

 
1,578

 

Total potentially dilutive common shares

 
21,302

 
19,421

 
1,578

 —