Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2015

8. Earnings (Loss) Per Share

Basic earnings (loss) per share includes no dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect, in periods in which they have a dilutive effect, the effect of restricted stock-based awards, common shares issuable upon exercise of stock options and warrants and shares underlying convertible notes potentially issuable upon conversion. The difference between basic and diluted weighted-average common shares results from the assumption that all dilutive stock options outstanding were exercised and all convertible notes have been converted into common stock.

As of December 31, 2015, of the total potentially dilutive shares related to restricted stock-based awards, stock options and warrants, all were anti-dilutive, compared to 0.1 million that were anti-dilutive as of December 31, 2014.

As of December 31, 2015, of the performance related restricted stock-based awards issued in connection with the Company’s named executive officers, all were anti-dilutive, compared to none that were anti-dilutive as of December 31, 2014.

For FY 2015, warrants issued in connection with the Company’s 1.50% Convertible Notes financing were anti-dilutive and therefore were not included in this calculation. For FY 2015, warrants issued in connection with the Company’s 2.50% Convertible Notes financing were anti-dilutive and therefore were not included in this calculation. For FY 2014, the 1.50% Convertible Notes and the 2.50% Convertible Notes that would be subject to conversion to common stock were anti-dilutive and therefore were not included in the calculation.

A reconciliation of weighted average shares used in calculating basic and diluted earnings per share follows:

	FY 2015		FY 2014		FY 2013
Basic		48,293		48,431		56,281
Effect of exercise of stock options		—		804		1,137
Effect of contingent common stock issuance		—		—		—
Effect of assuming vesting of performance related to restricted stock-based awards		—		212		199
Effect of assumed vesting of restricted stock		—		1,354		1,432
Effect of convertible notes subject to conversion		—		6,565		1,685
Effect of convertible notes warrants subject to conversion		—		—		—
Diluted		48,293		57,366		60,734