EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2016

Reconciliation of Components Used in Computation of Basic and Diluted EPS

The following table presents a reconciliation of the shares used in the computation of Basic EPS and Diluted EPS (in thousands):



	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2016	2015	2016	2015
Shares
Basic shares outstanding	20,835	22,867	20,722	22,915
Dilutive effect of outstanding director units and stock options ⁽¹⁾	—	268	283	271
Diluted shares outstanding	20,835	23,135	21,005	23,186

(1) Due to the losses for the three months ended June 30, 2016, director units and stock options outstanding were antidilutive and, therefore, excluded from the Diluted EPS computation. As a result, Basic EPS and Diluted EPS shares were the same. Excluded from the Diluted EPS calculation were 289,000 share equivalents related to outstanding and unissued director units.