Earnings Per Share Attributable to Stockholders

6 Months Ended

Jun. 30, 2016

Earnings Per Share Attributable to Stockholders [Abstract]

Earnings Per Share Attributable to Stockholders

10.  Earnings per share attributable to stockholders

Basic earnings per share (“EPS”) attributable to stockholders was calculated by dividing the net income attributable to stockholders by the weighted average (“WA”) number of common shares outstanding. Diluted EPS attributable to stockholders was calculated by dividing the net income attributable to stockholders after giving effect to outstanding dilutive stock options and PSUs by the WA number of shares outstanding adjusted for all dilutive securities.

	Three months ended					Six months ended
	June 30, 2016					June 30, 2016
		Net income	WA				Net income	WA
		attributable to	number		Per share		attributable to	number		Per share
		stockholders	of shares		amount		stockholders	of shares		amount
Basic	$	39,710	106,245,307	$	0.37	$	69,116	106,581,294	$	0.65
Effect of dilutive securities:
PSUs		-	-		-		-	-		-
Stock options		-	734,503		-		-	488,116		-
Diluted	$	39,710	106,979,810	$	0.37	$	69,116	107,069,410	$	0.65

10.  Earnings per share attributable to stockholders (continued)

	Three months ended					Six months ended
	June 30, 2015					June 30, 2015
		Net income	WA				Net income	WA
		attributable to	number		Per share		attributable to	number		Per share
		stockholders	of shares		amount		stockholders	of shares		amount
Basic	$	45,083	106,506,916	$	0.42	$	68,860	106,993,228	$	0.64
Effect of dilutive securities:
Stock options		-	471,145		-		-	397,075		-
Diluted	$	45,083	106,978,061	$	0.42	$	68,860	107,390,303	$	0.64

At June 30, 2016, there were 263,203 senior executive PSUs outstanding and 178,165 employee PSUs outstanding, which had no dilutive impact at June 30, 2016. Performance and market conditions, depending on their outcome at the end of the contingency period, can reduce the number of vested awards to nil or to a maximum of 200% of the number of outstanding PSUs.

For the three and six months ended June 30, 2016, stock options to purchase 28,318 and 1,504,394 common shares, respectively, were outstanding but excluded from the calculation of diluted earnings per share as they were anti-dilutive (2015:  72,309 and 253,622).