EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2015

NOTE 4 EARNINGS PER SHARE

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted‑average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and nonvested stock issued under stock‑based compensation plans is computed using the “treasury stock” method. The dilutive effect of the Sponsors Warrants and Management Warrants is computed using the if‑converted method. Gains associated with the changes in the fair value of the Sponsors Warrants and Management Warrants are excluded from the numerator in computing diluted earnings per share because inclusion of such gains in the computation would be anti‑dilutive.

Information related to our EPS calculations is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(In thousands, except per share amounts)				(In thousands, except per share amounts)
Basic EPS:
Numerator:
Net income (loss)	$	156,212	$	45,615	$	100,838	$	(55,449)
Net loss (income) attributable to noncontrolling interests		12		—		—		(12)
Net income (loss) attributable to common stockholders	$	156,224	$	45,615	$	100,838	$	(55,461)

Denominator:
Weighted average basic common shares outstanding		39,473		39,465		39,469		39,459

Diluted EPS:
Numerator:
Net income (loss) attributable to common stockholders	$	156,224	$	45,615	$	100,838	$	(55,461)
Less: Warrant liability gain		(123,640)		(24,690)		(57,450)		—
Adjusted net income (loss) attributable to common stockholders	$	32,584	$	20,925	$	43,388	$	(55,461)

Denominator:
Weighted average basic common shares outstanding		39,473		39,465		39,469		39,459
Restricted stock and stock options		405		405		415		—
Warrants		3,035		3,301		3,035		—
Weighted average diluted common shares outstanding		42,913		43,171		42,919		39,459


Basic income (loss) per share:	$	3.96	$	1.16	$	2.55	$	(1.41)


Diluted income (loss) per share:	$	0.76	$	0.48	$	1.01	$	(1.41)

The diluted EPS computation for the three and nine months ended September 30, 2015 excludes 147,538 and 124,122 stock options, respectively. The diluted EPS computations for the nine months ended September 30, 2014 excludes 1,037,740 stock options, 172,690 shares of restricted stock, 1,916,667 shares of common stock underlying the Sponsor Warrants and 2,862,687 shares of common stock underlying the Management Warrants. All such amounts are excluded from the respective diluted EPS computations because their inclusion would have been anti-dilutive.