Earnings per Share

12 Months Ended

Dec. 31, 2016

Note N – Earnings per Share

Net income (loss) was used as the numerator in computing both basic and diluted income per Common share for each of the three years ended December 31, 2016. The following table reconciles the weighted-average shares outstanding used for these computations.



(Weighted-average shares)	2016	2015	2014
Basic method	172,173,012	174,351,227	178,852,942
Dilutive stock options and restricted stock units *	–	–	1,218,042
Diluted method	172,173,012	174,351,227	180,070,984

* Due to a net loss recognized by the Company for the year ended December 31, 2016 and 2015, no unvested stock awards were included in the computation of diluted earnings per share because the effect would have been anti-dilutive.

The following table reflects certain options to purchase shares of common stock that were outstanding during the three years ended December 31, 2016, but were not included in the computation of dilutive earnings per share because the incremental shares from the assumed conversion were antidilutive.



	2016	2015	2014
Antidilutive stock options excluded from diluted shares	5,757,435	5,443,288	1,893,364
Weighted average price of these options	$48.46	$52.93	$55.21