Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2017

8. 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 March 31,
	2017		2016
Weighted average shares outstanding:
Basic weighted average shares outstanding		116,610		118,679
Add: Dilutive effect of stock options		—		1,259

Diluted weighted average shares outstanding		116,610		119,938

The diluted earnings (loss) per share computation excludes 10.5 million and 5.3 million options to purchase shares, contingently issuable shares and restricted share awards during the three months ended March 31, 2017 and 2016, respectively, as their effect would be anti-dilutive.

Common stock outstanding as of March 31, 2017 and December 31, 2016 was 118,039,416 and 117,336,797, respectively.