Earnings Per Share

12 Months Ended

Dec. 31, 2015

Unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Company’s non-vested restricted stock granted is considered a participating security since the share-based awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest.

The computation of basic and diluted earnings per share is as follows:



(in thousands except per common share data)	Year ended December 31,
(in thousands except per common share data)	2015			2014		2013
Net income (loss) attributable to The Andersons, Inc.	$	(13,067	)	$	109,726	$	89,939
Less: Distributed and undistributed earnings allocated to non-vested restricted stock	29			569		357
Earnings available to common shareholders	$	(13,096	)	$	109,157	$	89,582
Earnings per share – basic:
Weighted average shares outstanding – basic	28,288			28,367		27,986
Earnings per common share – basic	$	(0.46	)	$	3.85	$	3.20
Earnings per share – diluted:
Weighted average shares outstanding – basic	28,288			28,367		27,986
Effect of dilutive awards	—			85		200
Weighted average shares outstanding – diluted	28,288			28,452		28,186
Earnings per common share – diluted	$	(0.46	)	$	3.84	$	3.18

All outstanding share awards were antidilutive at December 31, 2015 as the Company experienced a net loss. There were no antidilutive stock-based awards outstanding at December 31, 2014 or 2013.