Earnings Per Share

6 Months Ended

Jun. 30, 2015

11. Earnings Per Share

Telesat has awarded employee stock options, which, if exercised, would result in dilution of Loral’s ownership interest in Telesat to approximately 62.0%. The following table presents the dilutive impact of Telesat stock options on Loral’s reported income from continuing operations for the purpose of computing diluted earnings per share (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Income (loss) from continuing operations — basic	$	18,027	$	53,002	$	(64,476)	$	38,184
Less: Adjustment for dilutive effect of Telesat stock options		(761)		(1,299)		—		(1,291)
Income (loss) from continuing operations — diluted	$	17,266	$	51,703	$	(64,476)	$	36,893

Telesat stock options are excluded from the calculation of diluted loss per share for the six months ended June 30, 2015 as the effect would be antidilutive.

Basic income per share is computed based upon the weighted average number of shares of voting and non-voting common stock outstanding. The following is the computation of common shares outstanding for diluted earnings per share (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015	2014
Weighted average common shares outstanding		30,927		30,920	30,923	30,920
Unconverted restricted stock units		79		84	—	84
Common shares outstanding for diluted earnings per share		31,006		31,004	30,923	31,004

For the six months ended June 30, 2015, the following unconverted restricted stock units are excluded from the calculation of diluted loss per share as the effect would have been antidilutive (in thousands):


	Six Months Ended June 30, 2015
Unconverted restricted stock units	80