EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2017

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

4. EARNINGS (LOSS) PER SHARE

Basic and diluted earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows:

	Three months ended June 30,						Six months ended June 30,
(In thousands)	2017			2016			2017			2016
Net income (loss) available for stockholders:	$	43,840		$	(48,686	)	$	47,474		$	(81,197	)
Less: Adjustments for earnings attributable to participating securities		(592	)		—			(652	)		—
Net income (loss) used in calculating losses per share	$	43,248		$	(48,686	)	$	46,822		$	(81,197	)
Weighted average shares outstanding (including participating securities)		217,530			217,576			217,622			217,501
Adjustment for participating securities		(2,936	)		(3,313	)		(2,989	)		(3,314	)
Shares used in calculating basic and diluted earnings (loss) per share		214,594			214,263			214,633			214,187