Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding, while diluted net income (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the sum of the weighted-average number of common shares outstanding and the weighted-average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements and our outstanding convertible senior notes.

The calculation of basic and diluted net income (loss) per share was as follows:



	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands, except per-share amounts)	2017			2016		2017			2016
Net income (loss)—basic	$	(27,342	)	$	98,112	$	49,130		$	164,361
Adjustment for dilutive Convertible Senior Notes due 2019, net of tax (1)	—			913		(215		)	4,303
Net income (loss)—diluted	$	(27,342	)	$	99,025	$	48,915		$	168,664

Average common shares outstanding—basic	215,152			214,274		215,054			208,991
Dilutive effect of Convertible Senior Notes due 2017 (2)	—			12		602			—
Dilutive effect of Convertible Senior Notes due 2019	—			8,928		922			21,256
Dilutive effect of share-based compensation arrangements (2)	—			2,989		3,896			2,698
Adjusted average common shares outstanding—diluted	215,152			226,203		220,474			232,945

Net income (loss) per share:

Basic	$	(0.13	)	$	0.46	$	0.23		$	0.79

Diluted	$	(0.13	)	$	0.44	$	0.22		$	0.73

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(1)

As applicable, includes coupon interest, amortization of discount and fees, and other changes in income or loss that would result from the assumed conversion. Included in the six months ended June 30, 2017 is a benefit related to our adjustment of estimated accrued expense to actual amounts, resulting from the January 2017 settlement of our obligations on the remaining Convertible Senior Notes due 2019.


(2)	There were no dilutive shares for the three months ended June 30, 2017, as a result of our net loss for the period. The following number of shares of our common stock equivalents issued under our share-based compensation arrangements and our convertible debt were not included in the calculation of diluted net income (loss) per share because they were anti-dilutive:



	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2017	2016	2017	2016
Shares of common stock equivalents	5,975	1,042	442	1,042
Shares of Convertible Senior Notes due 2017	509	—	—	1,902