EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2017

NOTE 4 EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income 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 March 31,
(In thousands, except per share amounts)	2017		2016
Basic EPS:
Numerator:
Net income	$	5,659	$	143,765
Net income attributable to noncontrolling interests		—		—
Net income attributable to common stockholders	$	5,659	$	143,765

Denominator:
Weighted average basic common shares outstanding		39,799		39,473

Diluted EPS:
Numerator:
Net income attributable to common stockholders	$	5,659	$	143,765
Less: Warrant liability gain		—		(29,820)
Adjusted net income attributable to common stockholders	$	5,659	$	113,945

Denominator:
Weighted average basic common shares outstanding		39,799		39,473
Restricted stock and stock options		317		357
Warrants		2,641		2,570
Weighted average diluted common shares outstanding		42,757		42,400


Basic income per share:	$	0.14	$	3.64


Diluted income per share:	$	0.13	$	2.69

The diluted EPS computation as of March 31, 2017 excludes 328,500 stock options because their inclusion would have been anti-dilutive and 170,847 shares of restricted stock because market conditions have not been met.

The diluted EPS computation for the three months ended March 31, 2016 excluded 392,000 stock options because their inclusion would have been anti-dilutive and 37,440 shares of restricted stock because market conditions had not been met.