Net (Loss) Income Per Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

NOTE 6. NET (LOSS) INCOME PER SHARE

Basic net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) income per common share is computed giving effect to all potential dilutive common shares, including common stock issuable upon exercise of stock options, and unvested restricted common stock and stock units. The Company uses the treasury-stock method to compute diluted earnings per share with respect to its stock options and common stock equivalents. For purposes of this calculation, options to purchase stock are considered to be potential common shares and are only included in the calculation of diluted net (loss) income per share when their effect is dilutive. Basic and diluted earnings per common share are calculated as follows (in thousands, except share and per share data):

	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016			2015
Numerator:
Net (loss) income	$	(28,613	)	$	9,007	$	(52,082	)	$	5,505
Denominator:
Basic shares:
Weighted average common shares outstanding		34,636,559			20,880,235		34,051,785			19,749,778
Diluted shares:
Weighted average effect of dilutive stock options		—			692,110		—			724,890
Weighted average private placement warrants outstanding		—			64,142		—			32,248
		34,636,559			21,636,487		34,051,785			20,506,916
Net (loss) income per share - basic	$	(0.83	)	$	0.43	$	(1.53	)	$	0.28
Net (loss) income per share - diluted	$	(0.83	)	$	0.42	$	(1.53	)	$	0.27

For the three and six months ended June 30, 2016, the total number of anti-dilutive outstanding common stock equivalents excluded from the net loss per common share computation was 4.7 million and 4.6 million, respectively. For the three and six months ended June 30, 2015 the total number of anti-dilutive outstanding common stock equivalents excluded from the net loss per common share computation was 0.5 million and 0.4 million, respectively.