The following table presents the Company’s computation of basic and diluted earnings (loss) per share for the years ended December 31, 2016, 2015, and 2014:


	Years Ended December 31,
(in thousands, except share and per share amounts)	2016			2015			2014
Net income (loss)	$	495,401		$	(47,156	)	$	485,397
Less: Dividends paid on and earnings/(loss) allocated to participating securities		(3,795	)		(3,357	)		(3,425	)

Earnings/(loss) applicable to common stock	$	491,606		$	(50,513	)	$	481,972

Weighted average common shares outstanding		485,150,173			448,982,223			440,988,102

Basic earnings (loss) per common share	$	1.01		$	(0.11	)	$	1.09

Earnings (loss) applicable to common stock	$	491,606		$	(50,513	)	$	481,972

Weighted average common shares outstanding		485,150,173			448,982,223			440,988,102
Potential dilutive common shares ⁽¹⁾		—			—			—

Total shares for diluted earnings (loss) per share computation		485,150,173			448,982,223			440,988,102

Diluted earnings (loss) per common share and common share equivalents	$	1.01		$	(0.11	)	$	1.09

(1)

Options to purchase 58,560 shares of the Company’s common stock that were outstanding as of December 31, 2014 at a weighted average exercise price of $18.04 were excluded from the computation of diluted EPS because their inclusion would have had an antidilutive effect. At December 31, 2016 and 2015, there were no stock options outstanding.