Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2016

Basic earnings per share (“basic EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share (“diluted EPS”) gives effect to all dilutive potential shares outstanding resulting from employee stock options, restricted stock units, performance share units and stock appreciation rights ("SARs") during the period. The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015:



	Three Months Ended March 31,
	2016			2015

Net income (loss)	$	(2,265	)	$	6,312

Basic – weighted average shares outstanding	27,721			27,573

Effect of dilutive potential securities	—			247

Diluted – weighted average shares outstanding	27,721			27,820

Net income (loss)
Basic (per share)	$	(0.08	)	$	0.23
Diluted (per share)	(0.08		)	0.23

The shares used in the calculation of diluted EPS exclude options and SARs to purchase shares where the exercise price was greater than the average market price of common shares for the period and the effect of the inclusion would be anti-dilutive. Such shares were not material in the three months ended March 31, 2015. As the Company was in a net loss position at March 31, 2016, there were no anti-dilutive shares.