EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2016

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 Sponsor Warrants and Management Warrants is computed using the if‑converted method. Gains associated with the changes in the fair value of the Sponsor 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 June 30,				Six Months Ended June 30,
(In thousands, except per share amounts)	2016		2015		2016		2015
Basic EPS:
Numerator:
Net income (loss)	$	6,970	$	50,585	$	150,735	$	(55,374)
Net income attributable to noncontrolling interests		—		(12)		—		(12)
Net income (loss) attributable to common stockholders	$	6,970	$	50,573	$	150,735	$	(55,386)

Denominator:
Weighted average basic common shares outstanding		39,492		39,468		39,483		39,467

Diluted EPS:
Numerator:
Net income (loss) attributable to common stockholders	$	6,970	$	50,573	$	150,735	$	(55,386)
Less: Warrant liability gain		—		(42,620)		—		—
Adjusted net income (loss) attributable to common stockholders	$	6,970	$	7,953	$	150,735	$	(55,386)

Denominator:
Weighted average basic common shares outstanding		39,492		39,468		39,483		39,467
Restricted stock and stock options		337		438		324		—
Warrants		2,835		3,291		2,835		—
Weighted average diluted common shares outstanding		42,664		43,197		42,642		39,467


Basic income (loss) per share:	$	0.18	$	1.28	$	3.82	$	(1.40)


Diluted income (loss) per share:	$	0.16	$	0.18	$	3.53	$	(1.40)

The diluted EPS computation for the three and six months ended June 30, 2016 excludes 363,000 stock options and 402,500 stock options, respectively, because their inclusion would have been anti-dilutive. The diluted EPS computation for the three and six months ended June 30, 2016 excludes 8,729 shares of restricted stock and 9,254 shares of restricted stock, respectively, because performance conditions have not been met.

The diluted EPS computation for the three months ended June 30, 2015 excludes 125,769 stock options. The diluted EPS computation for the six months ended June 30, 2015 excludes 1,048,750 stock options, 242,055 shares of restricted stock, 1,916,667 shares of common stock underlying the Sponsors Warrants and 2,862,687 shares of common stock underlying the Management Warrants because their inclusion would have been anti-dilutive.