EARNINGS (LOSS) PER SHARE

The following data shows the amounts used in computing earnings (loss) per share:



	Income (Loss) (Numerator)			Weighted Shares (Denominator)	Per-Share Amount
	(In thousands except per share amounts)
For the year ended December 31, 2015:
Basic loss per common share	$	(1,037,361	)	49,110	$	(21.12	)
Effect of dilutive stock options, restricted stock, and SARs	—			—	—
Diluted loss per common share	$	(1,037,361	)	49,110	$	(21.12	)
For the year ended December 31, 2016:
Basic loss per common share	$	(135,624	)	50,029	$	(2.71	)
Effect of dilutive stock options, restricted stock, and SARs	—			—	—
Diluted loss per common share	$	(135,624	)	50,029	$	(2.71	)
For the year ended December 31, 2017:
Basic earnings per common share	$	117,848		51,113	$	2.31
Effect of dilutive restricted stock	—			635	(0.03		)
Diluted earnings per common share	$	117,848		51,748	$	2.28

Due to the net loss for the years ended December 31, 2016 and 2015, approximately 509,000 and 186,000, respectively, weighted average shares related to stock options, restricted stock, and SARs were antidilutive and were excluded from the earnings per share calculation above.

The following options and their average exercise prices were not included in the computation of diluted earnings per share because the option exercise prices were greater than the average market price of our common stock for the years ended December 31:



	2017		2016		2015
Options and SARs	87,500		199,755		261,270
Average exercise price	$	51.34	$	48.79	$	50.34