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Earnings (loss) per common share
9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings (loss) per common share
Earnings (loss) per common share
Basic earnings (loss) per common share were computed by dividing earnings (loss) on common stock by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings (loss) per common share were computed by dividing earnings (loss) on common stock by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of outstanding performance share awards. Common stock outstanding includes issued shares less shares held in treasury. Net income (loss) was the same for both the basic and diluted earnings (loss) per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings (loss) per share calculations was as follows:
 
Three Months Ended
Nine Months Ended
 
September 30,
September 30,
 
2016

2015

2016

2015

 
(In thousands)
Weighted average common shares outstanding - basic
195,304

195,151

195,298

194,814

Effect of dilutive performance share awards
507

18

496

19

Weighted average common shares outstanding - diluted
195,811

195,169

195,794

194,833

Shares excluded from the calculation of diluted earnings per share