INCOME (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2015

NOTE 10 INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed similarly except that the weighted average number of common shares is increased to reflect all dilutive instruments.

Below is a reconciliation of the basic weighted average number of common shares and exchangeable shares the computations for basic income (loss) per share for the three and nine months ended September 30, 2015 and 2014:


	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
	(in thousands, except per share)
Net income (loss)	$	2,633	$	(13,033)	$	(5,462)	$	(99,168)
Weighted average common shares (thousands):		300,530		297,164		300,420		297,162
Net income (loss) per share:	$	0.01	$	(0.04)	$	(0.02)	$	(0.33)

For the three months ended September 30, 2015, options to purchase 4.5 million shares of common stock outstanding at September 30, 2015 at an average exercise price of $3.34 per share were not included in the computation of diluted weighted average shares because the exercise price exceeded the average price of the Company’s common stock for the three months ended September 30, 2015. For the three months ended September 30, 2015, no options with average exercise price below the average price of the Company’s common stock during that period, compared to 0.9 million outstanding options to purchase shares of common stock for the three months ended September 30, 2014, which were not included in the computation of diluted weighted average shares in the three months ended September 30, 2014 because their effect would have been anti-dilutive.