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Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2016

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

6. Earnings (Loss) Per Share

Basic earnings (loss) per share is calculated by dividing income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share (“diluted EPS”) is calculated using income (loss) available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include common shares related to SOSARs and non-vested stock awards (collectively “stock awards”). Stock awards are excluded from the calculation of diluted EPS in the event they are subject to performance conditions or are antidilutive. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect. There was no dilution for the three months ended March 31, 2016 because the Company incurred a net loss and the effect would have been antidilutive.

The following stock awards were excluded from the calculation of diluted earnings (loss) per share:





	Three months ended March 31,
	2016			2015
Stock awards subject to performance conditions		312			304
Stock awards that were antidilutive		1,367			131
Total stock awards excluded from diluted earnings (loss) per share		1,679			435



The following table sets forth the computations of basic and diluted earnings (loss) per share:





	Three months ended March 31,
	2016			2015
Net income (loss)	$	(26,432)		$	122,641
Shares:
Weighted average number of common shares outstanding		29,893			31,036
Dilutive stock awards		-			556
Diluted weighted average number of common shares outstanding		29,893			31,592
Basic earnings (loss) per share	$	(0.88)		$	3.95
Diluted earnings (loss) per share	$	(0.88)		$	3.88



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The entire disclosure for earnings per share.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256

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-Publisher FASB
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