Earnings Per Share

9 Months Ended

Sep. 30, 2016

11. EARNINGS PER SHARE

Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the treasury stock method by dividing net income by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities.

The basic and diluted EPS are calculated as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015

Basic EPS:
Net income (loss) attributable to Green Plains	$	7,928	$	6,179	$	(8,019)	$	10,653
Weighted average shares outstanding - basic		38,282		38,066		38,301		37,966
EPS - basic	$	0.21	$	0.16	$	(0.21)	$	0.28

Diluted EPS:
Net income (loss) attributable to Green Plains - diluted	$	7,928	$	6,179	$	(8,019)	$	10,653

Weighted average shares outstanding - basic		38,282		38,066		38,301		37,966
Effect of dilutive convertible debt - 3.25% notes		760		355		-		1,154
Effect of dilutive stock-based compensation awards		94		135		-		146
Weighted average shares outstanding - diluted		39,136		38,556		38,301		39,266

EPS - diluted	$	0.20	$	0.16	$	(0.21)	$	0.27

For the nine months ended September 30, 2016, 108 thousand shares related to stock-based compensation awards were excluded from the computation of diluted EPS as the inclusion of these shares would have been antidilutive.