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 June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Weighted average shares outstanding:
Basic weighted average shares outstanding		117,149		115,480		116,881		117,810
Add: Dilutive effect of stock options		—		—		—		1,213

Diluted weighted average shares outstanding		117,149		115,480		116,881		119,023

The diluted (loss) per share computation excludes 10.1 million and 10.3 million options to purchase shares, contingently issuable shares and restricted share awards during the three and six months ended June 30, 2017, respectively, as their effect would be anti-dilutive. 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.

Common stock outstanding as of June 30, 2017 and December 31, 2016 was 118,165,965 and 117,336,797, respectively.