Note 18 — Earnings Per Share

U.S. GAAP requires the Company to use the two-class method in computing basic earnings (loss) per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities affect the computation of both basic and diluted (loss) earnings per share during periods of net income (loss).

A summary of the numerator and denominator of the basic and fully diluted (loss) earnings per common share is presented below:


	(Loss) Income (Numerator)			Shares (a) (Denominator)		Per Share Amount
Year Ended December 31, 2017
Net loss	$	(6,893	)
Less: Loss attributable to participating securities		481

Basic and Diluted Loss Per Share:
Loss available to common stockholders*	$	(6,412	)		8,558	$	(0.75	)


* Stock options and convertible senior notes were excluded due to antidilutive effect.

Year Ended December 31, 2016
Net income	$	29,021
Less: Income attributable to participating securities		(1,545	)

Basic Earnings Per Share:
Income allocated to common stockholders		27,476			9,326	$	2.95

Effect of Dilutive Securities:
Stock options		—			54
Convertible senior notes		4,244			1,493

Diluted Earnings Per Share:
Income available to common stockholders and assumed conversions	$	31,720			10,873	$	2.92


Year Ended December 31, 2015
Net income	$	65,861
Less: Income attributable to participating securities		(3,398	)

Basic Earnings Per Share:
Income allocated to common stockholders		62,463			9,602	$	6.51

Effect of Dilutive Securities:
Stock options		—			102
Convertible senior notes		4,505			1,651

Diluted Earnings Per Share:
Income available to common stockholders and assumed conversions	$	66,968			11,355	$	5.90

(a) Shares in thousands.