Net (Loss) Income Per Share

Basic net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of shares outstanding during each period. Diluted net (loss) income per share is calculated by dividing net (loss) income by the diluted number of shares outstanding during each period. Except where the result would be anti-dilutive to net (loss) income, diluted net (loss) income per share would be calculated assuming the impact of the conversion of the 2018 Notes, the exercise of outstanding equity compensation awards and the exercise of contingent consideration warrants, all which have been exercised or have expired during the first quarter of 2018.

We have a choice to settle the conversion obligation under the 2018 Notes in cash, shares or any combination of the two. We utilize the if-converted method to reflect the impact of the conversion of the 2018 Notes, unless the result is anti-dilutive. This method assumes the conversion of the 2018 Notes into shares of our ordinary shares and reflects the elimination of the interest expense related to the 2018 Notes.

The dilutive effect of the warrants, stock options and RSU’s has been calculated using the treasury stock method.

A reconciliation of basic and diluted net (loss) income per share, together with the related shares outstanding in thousands is as follows:



	Three Months Ended June 30,					Six Months Ended June 30,
Net (Loss) Income Per Share:	2018			2017		2018			2017

Net (loss) income	$	(3,438	)	$	28,927	$	(15,674	)	$	54,837

Weighted average shares:
Basic shares	36,772			41,091		37,666			41,233
Effect of dilutive securities—options, RSU’s and warrants outstanding	—			1,396		—			1,392
Diluted shares	36,772			42,487		37,666			42,625

Net (loss) income per share - basic	$	(0.09	)	$	0.70	$	(0.42	)	$	1.33
Net (loss) income per share - diluted	$	(0.09	)	$	0.68	$	(0.42	)	$	1.29

Potential common shares of 18,831 and 4,993 were excluded from the calculation of weighted average shares for the three months ended June 30, 2018 and 2017, respectively, because their effect was considered to be anti-dilutive. Potential common shares of 15,300 and 5,074 were excluded from the calculation of weighted average shares for the six months ended June 30, 2018 and 2017, respectively, because their effect was considered to be anti-dilutive. For the three and six months ended June 30, 2018, the effects of dilutive securities were entirely excluded from the calculation of net (loss) income per share as a net loss was reported in this period.