EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2016

Earnings per share (EPS) were as follows (amounts in thousands, except per share data):



	Three months ended					Six months ended
	June 30,					June 30,
	2016			2015		2016			2015

Net income (loss) attributable to Titan	$	(1,899	)	$	6,771	$	(11,051	)	$	7,003
Redemption value adjustment	(1,900		)	2,580		(7,108		)	(350		)
Net income (loss) applicable to common shareholders	(3,799		)	9,351		(18,159		)	6,653
Effect of convertible notes	—			609		—			—
Net income (loss) applicable to common shareholders and assumed conversions	$	(3,799	)	$	9,960	$	(18,159	)	$	6,653
Determination of Shares:
Weighted average shares outstanding (basic)	53,884			53,686		53,869			53,674
Effect of stock options/trusts	—			208		—			184
Effect of convertible notes	—			5,595		—			—
Weighted average shares outstanding (diluted)	53,884			59,489		53,869			53,858
Earnings per share:
Basic	(0.07		)	0.17		(0.34		)	0.12
Diluted	(0.07		)	0.17		(0.34		)	0.12

The effect of stock options/trusts has been excluded for the three and six months ended June 30, 2016, as the effect would have been antidilutive. The weighted average share amount excluded was 0.3 million for the three months ended June 30, 2016 and and 0.2 million for the six months ended June 30, 2016.

The effect of convertible notes has been excluded for the three months ended June 30, 2016, and the six months ended June 30, 2016 and 2015, as the effect would have been antidilutive. The weighted average share amount excluded for convertible notes totaled 5.6 million shares for the three months ended June 30, 2016, and the six months ended June 30, 2016 and 2015.