EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2016

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is similarly computed except that the denominator includes the effect, using the treasury stock method, of unvested restricted stock, outstanding SARs, stock options, Convertible Notes, and shares held pursuant to our non-employee director deferred compensation plan, if including such potential shares of common stock is dilutive.

The following table presents a reconciliation of the weighted-average diluted shares outstanding:



	Year Ended December 31,
	2016	2015	2014
	(in thousands)

Weighted-average common shares outstanding - basic	49,052	39,153	35,784
Dilutive effect of:
Restricted stock	—	—	279
Convertible notes	—	—	564
Other equity-based awards	—	—	51
Weighted-average common shares and equivalents outstanding - diluted	49,052	39,153	36,678

For 2016 and 2015, we reported a net loss. As a result, our basic and diluted weighted-average common shares outstanding were the same because the effect of the common share equivalents was anti-dilutive.

The following table presents the weighted-average common share equivalents excluded from the calculation of diluted earnings per share due to their anti-dilutive effect:



	Year Ended December 31,
	2016	2015	2014
	(in thousands)

Weighted-average common share equivalents excluded from diluted earnings
per share due to their anti-dilutive effect:
Restricted stock	689	831	8
Convertible notes	292	562	—
Other equity-based awards	109	101	26
Total anti-dilutive common share equivalents	1,090	1,494	34

In September 2016, we issued the 2021 Convertible Notes, which give the holders the right to convert the aggregate principal amount into 2.3 million shares of our common stock at a conversion price of $85.39 per share. The 2021 Convertible Notes would be included in the diluted earnings per share calculation using the treasury stock method if the average market share price exceeds the $85.39 conversion price during the periods presented.

In November 2010, we issued the 2016 Convertible Notes, which give the holders the right to convert the aggregate principal amount into 2.7 million shares of our common stock at a conversion price of $42.40 per share. The 2016 Convertible Notes matured and were redeemed in May 2016, as described more fully in the footnote titled Long Term Debt. Prior to maturity, the 2016 Convertible Notes were included in the diluted earnings per share calculation using the treasury stock method if the average market share price exceeded the $42.40 conversion price during the period presented. Shares issuable upon conversion of the Convertible Notes were excluded from the diluted earnings per share calculation for the year ended December 31, 2015 as the effect would have been anti-dilutive to our earnings per share. Shares issuable upon conversion of the 2016 Convertible Notes were included in the diluted earnings per share calculation for the year ended December 31, 2014 as the average market price during the period exceeded the conversion price.