| Schedule of Computation of Basic and Diluted Earnings Per Common Share |
The following table illustrates the computation of basic and
diluted earnings (loss) per common share for the three and nine
months ended September 30, 2018 and 2017:
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Three Months Ended |
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September 30,
2018 |
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September 30,
2017 |
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(In thousands of US dollars,
except share data)
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Basic Earnings per Share
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Net income
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$ |
17,222 |
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$ |
5,604 |
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Basic weighted average common stock outstanding
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34,573,377 |
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34,103,029 |
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Basic earnings per share
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$ |
0.50 |
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$ |
0.16 |
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Diluted Earnings per Share
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Net income
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$ |
17,222 |
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$ |
5,604 |
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Add back: Interest expense on Exchangeable Notes
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1,422 |
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1,400 |
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Net income allocated to common stockholders
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$ |
18,644 |
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$ |
7,004 |
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Basic weighted average common stock outstanding
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34,573,377 |
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34,103,029 |
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Net effect of dilutive equity awards
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1,000,020 |
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991,176 |
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Net effect of assumed conversion of 5.0% Exchangeable Notes to
common stock
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10,448,213 |
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10,448,213 |
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Diluted weighted average common stock outstanding
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46,021,610 |
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45,542,418 |
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Diluted earnings per share
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$ |
0.41 |
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$ |
0.15 |
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Nine Months Ended |
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September 30,
2018 |
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September 30,
2017 |
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(In thousands of US dollars,
except share data)
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Basic Earnings (Loss) per Share
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Net income (loss)
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$ |
(1,520 |
) |
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$ |
41,283 |
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Basic weighted average common stock outstanding
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34,416,887 |
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33,907,581 |
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Basic earnings (loss) per share
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$ |
(0.04 |
) |
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$ |
1.22 |
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Diluted Earnings (Loss) per Share
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Net income (loss)
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$ |
(1,520 |
) |
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$ |
41,283 |
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Add back: Interest expense on Exchangeable Notes
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— |
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3,942 |
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Net income allocated to common stockholders
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$ |
(1,520 |
) |
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$ |
45,225 |
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Basic weighted average common stock outstanding
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34,416,887 |
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33,907,581 |
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Net effect of dilutive equity awards
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— |
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695,427 |
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Net effect of assumed conversion of 5.0% Exchangeable Notes to
common stock
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— |
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9,835,863 |
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Diluted weighted average common stock outstanding
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34,416,887 |
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44,438,871 |
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Diluted earnings (loss) per share
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$ |
(0.04 |
) |
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$ |
1.02 |
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| Schedule of Antidilutive Securities Excluded from the Computation of Earnings Per Common Share |
The following outstanding instruments were excluded from the
computation of diluted earnings (loss) per share, as they have an
anti-dilutive effect on the calculation:
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Three Months Ended |
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Nine Months Ended |
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September 30,
2018 |
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September 30,
2017 |
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September 30,
2018 |
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September 30,
2017 |
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Options
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723,117 |
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809,417 |
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2,684,558 |
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860,572 |
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Restricted Stock Units
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— |
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— |
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581,759 |
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— |
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