Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2017

Earnings (Loss) per Share

Earnings (Loss) per Share

9.Earnings (Loss) per Share

Basic earnings/losses per share

Basic earnings/losses per share is calculated by dividing the net earnings/loss attributable to shareholders by the weighted average number of shares outstanding during the year.

	Three Months Ended March 31,
(in thousands, except per share data)	2016			2017
Net loss for the period	$	(13,599	)	$	(15,223	)
Weighted average number of shares outstanding	2,117,895			2,720,423
Excluded treasury shares on March 31	2,819			—
Basic loss per share	$	(6.42	)	$	(5.60	)

Diluted earnings/losses per share

Diluted earnings/losses per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares. The effect of 278,579 and 191,496 potentially dilutive share options has been excluded from the diluted loss per share calculations as of March 31, 2017 and 2016, respectively because it would result in a decrease in the loss per share for the period and is therefore not to be treated as dilutive.