Earnings Per Share

9 Months Ended

Sep. 30, 2016

10. Earnings Per Share

The following is a reconciliation of the basic and diluted earnings per share computation:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(shares in thousands)
Net income	$	7,955	$	23,288	$	23,678	$	59,522

Shares of common stock and common stock equivalents:
Weighted average common shares used in basic computation		134,046		136,582		134,541		135,527
Dilutive effect of common stock equivalents		1,144		1,599		1,042		2,306

Weighted average shares used in dilutive computation		135,190		138,181		135,583		137,833

Basic earnings per share	$	0.06	$	0.17	$	0.17	$	0.44
Diluted earnings per share	$	0.06	$	0.17	$	0.17	$	0.43

In the table above, unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities in calculating EPS. The impact of applying this methodology was a reduction in basic EPS of $0.01 for the nine months ended September 30, 2016.

Diluted earnings per share reflects the reduction in earnings per share assuming options or other contracts to issue common stock were exercised or converted into common stock (if dilutive) under the treasury stock method. The Company excluded 516,630 and 243,427 common stock equivalents from its computation of diluted earnings per share for the three months ended September 30, 2016 and 2015, respectively, and 909,118 and 836,427 common stock equivalents from its computation of diluted earnings per share for the nine months ended September 30, 2016 and 2015, respectively, as they were determined to be anti-dilutive.