Earnings Per Share

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

9.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding adjusted for any dilutive Common Stock equivalents, including unvested restricted stock and shares issuable upon exercise of stock options as determined under the “If-Converted” method and also Common Stock warrants as determined under the “Treasury Stock” method.

The following table sets forth basic and diluted net income per common share for the three and nine months ended September 30, 2017 and 2016 (in thousands, except per share data):

	For the three months				For the nine months
	ended September 30,				ended September 30,
	2017		2016		2017		2016
Numerator:
Net income (loss)	$	49,161	$	(15,370)	$	95,994	$	70,976
Denominator:
Basic weighted-average shares outstanding		119,746		124,604		120,745		125,041
Dilutive impact of stock options and restricted shares		1,280		—		982		720
Diluted weighted-average shares outstanding		121,026		124,604		121,727		125,761
Net income (loss) per common share:
Basic	$	0.41	$	(0.12)	$	0.80	$	0.57
Diluted	$	0.41	$	(0.12)	$	0.79	$	0.56

For the three and nine months ended  September 30, 2017, the diluted weighted average number of common shares outstanding excluded an additional 11,674 and 1.8 million shares, respectively, issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.

For the three months ended September 30, 2016, all potential common stock equivalents, including 4.5 million shares of stock options outstanding and 0.3 million shares of restricted stock units outstanding, were excluded as the effect would be anti-dilutive.

For the nine months ended September 30, 2016, the diluted weighted average number of common shares outstanding excluded an additional 2.2 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.