Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2016

10.

Earnings (Loss) Per Share

Basic earnings (loss) per share is computed on the basis of weighted average outstanding common shares. Diluted earnings (loss) per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options and other outstanding dilutive securities.

The following table reconciles the average share amounts used to compute both basic and diluted earnings (loss) per share (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015

Weighted average shares outstanding:
Basic weighted average shares outstanding		115,480		117,109		117,810		116,584
Add: Dilutive effect of stock options		—		1,466		1,213		1,504

Diluted weighted average shares outstanding		115,480		118,575		119,023		118,088

The diluted earnings (loss) per share computation excludes 10.5 million and 5.9 million options to purchase shares, restricted share awards, and contingently issuable shares during the three and six months ended June 30, 2016, respectively, as their effect would be anti-dilutive. The diluted earnings per share computation excludes 4.4 million and 4.2 million options to purchase shares and contingently issuable shares during the three and six months ended June 30, 2015, respectively, as their effect would be anti-dilutive.

Common stock outstanding as of June 30, 2016 and December 31, 2015 was 117,249,990 and 119,033,770, respectively.