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Earnings (Loss) per Share (Tables)
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
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:

 

     Three Months Ended  
     September 30,
2018
     September 30,
2017
 
    

(In thousands of US dollars,

except share data)

 

Basic Earnings per Share

     

Net income

   $ 17,222      $ 5,604  
  

 

 

    

 

 

 

Basic weighted average common stock outstanding

     34,573,377        34,103,029  

Basic earnings per share

   $ 0.50      $ 0.16  

Diluted Earnings per Share

     

Net income

   $ 17,222      $ 5,604  

Add back: Interest expense on Exchangeable Notes

     1,422        1,400  
  

 

 

    

 

 

 

Net income allocated to common stockholders

   $ 18,644      $ 7,004  
  

 

 

    

 

 

 

Basic weighted average common stock outstanding

     34,573,377        34,103,029  

Net effect of dilutive equity awards

     1,000,020        991,176  

Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock

     10,448,213        10,448,213  
  

 

 

    

 

 

 

Diluted weighted average common stock outstanding

     46,021,610        45,542,418  

Diluted earnings per share

   $ 0.41      $ 0.15  
     Nine Months Ended  
     September 30,
2018
     September 30,
2017
 
    

(In thousands of US dollars,

except share data)

 

Basic Earnings (Loss) per Share

     

Net income (loss)

   $ (1,520    $ 41,283  
  

 

 

    

 

 

 

Basic weighted average common stock outstanding

     34,416,887        33,907,581  

Basic earnings (loss) per share

   $ (0.04    $ 1.22  

Diluted Earnings (Loss) per Share

     

Net income (loss)

   $ (1,520    $ 41,283  

Add back: Interest expense on Exchangeable Notes

     —          3,942  
  

 

 

    

 

 

 

Net income allocated to common stockholders

   $ (1,520    $ 45,225  
  

 

 

    

 

 

 

Basic weighted average common stock outstanding

     34,416,887        33,907,581  

Net effect of dilutive equity awards

     —          695,427  

Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock

     —          9,835,863  
  

 

 

    

 

 

 

Diluted weighted average common stock outstanding

     34,416,887        44,438,871  

Diluted earnings (loss) per share

   $ (0.04    $ 1.02  

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:

 

     Three Months Ended      Nine Months Ended  
     September 30,
2018
     September 30,
2017
     September 30,
2018
     September 30,
2017
 

Options

     723,117        809,417        2,684,558        860,572  

Restricted Stock Units

     —          —          581,759        —