EARNINGS PER SHARE

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share amounts)	2016		2015		2016		2015
Basic EPS:
Numerator:
Net income	$	7,996	$	156,212	$	158,731	$	100,838
Net (income) loss attributable to noncontrolling interests		(23)		12		(23)		—
Net income attributable to common stockholders	$	7,973	$	156,224	$	158,708	$	100,838

Denominator:
Weighted average basic common shares outstanding		39,502		39,473		39,489		39,469

Diluted EPS:
Numerator:
Net income attributable to common stockholders	$	7,973	$	156,224	$	158,708	$	100,838
Less: Warrant liability gain		—		(123,640)		—		(57,450)
Adjusted net income attributable to common stockholders	$	7,973	$	32,584	$	158,708	$	43,388

Denominator:
Weighted average basic common shares outstanding		39,502		39,473		39,489		39,469
Restricted stock and stock options		366		405		338		415
Warrants		2,892		3,035		2,892		3,035
Weighted average diluted common shares outstanding		42,760		42,913		42,719		42,919


Basic income per share:	$	0.20	$	3.96	$	4.02	$	2.55


Diluted income per share:	$	0.19	$	0.76	$	3.72	$	1.01

The diluted EPS computation for the three and nine months ended September 30, 2016 excludes 343,500 and 404,000 stock options, respectively, because their inclusion would have been anti-dilutive. The diluted EPS computation for the three and nine months ended September 30, 2016 excludes 153,781 shares of restricted stock, respectively, because performance conditions have not been met.

The diluted EPS computation for the three and nine months ended September 30, 2015 excludes 147,538 and 124,122 stock options, respectively, because their inclusion would have been anti-dilutive.