Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2017		2016		2017			2016
Numerator:
Net income (loss)	$	5,096	$	12,933	$	(183,498	)	$	29,463
Denominator:
Denominator for basic earnings per share -
weighted average shares		36,673		36,512		36,659			36,552
Effect of dilutive securities:
Employee stock options and restricted stock ⁽¹⁾		200		398		-			345
Denominator for diluted earnings per share -
Adjusted weighted average shares and the effect of dilutive securities		36,873		36,910		36,659			36,897
Net income (loss) per share:
Net income (loss) per share - basic	$	0.14	$	0.35	$	(5.01	)	$	0.81
Net income (loss) per share - diluted ⁽²⁾	$	0.14	$	0.35	$	(5.01	)	$	0.80

(1)

The effect of dilutive securities for employee stock options and restricted stock in the three and six months ended June 30, 2017 was affected by the adoption of ASU 2016-09 at the beginning of the year. In accordance with the standard, the effect of dilutive securities in the calculation of diluted net income per share was applied prospectively and results for the three and six months ended June 30, 2016 have not been revised.

(2)

As a result of the net loss in the six months ended June 30, 2017, the effect of potentially dilutive securities would have been anti-dilutive and has been omitted from the calculation of diluted earnings per share.