EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2015

Basic (loss) earnings per share (“EPS”) is calculated by dividing net (loss) income attributable to the Company by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing net (loss) income attributable to the Company by the weighted average number of shares of common stock outstanding, plus potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.

The Company completed an IPO on May 20, 2015 in which the Initial Shareholders, immediately prior to the consummation of the IPO, received shares in proportion to their respective ownership percentages. As a result, the Company has retrospectively presented the shares outstanding for all prior periods presented.

The calculation of basic and diluted EPS is presented below (in thousands, except share and per share data).



	Year Ended December 31,
	2015			2014		2013
Net Income (loss) Attributable to Shareholders	$	(11,826	)	$	7,780	$	24,821
Weighted Average Shares Outstanding - Basic	67,039,439			53,502,873		53,502,873
Weighted Average Shares Outstanding - Diluted	67,039,439			53,502,873		53,502,873

Basic and Diluted EPS	$	(0.18	)	$	0.15	$	0.46

For the year ended December 31, 2015, 1,507 shares have been excluded from the calculation of Diluted EPS because the impact would be anti-dilutive.