Earnings Per Share

9 Months Ended

Sep. 30, 2016

The following is a reconciliation of the average shares outstanding used to compute basic and diluted earnings per share:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2016	2015	2016	2015
Basic weighted average common shares outstanding	138,422,953	136,164,053	137,390,809	135,983,603
Effect of dilutive securities	—	—	—	—
Diluted weighted average common shares outstanding	138,422,953	136,164,053	137,390,809	135,983,603

For the three months ended September 30, 2016 and September 30, 2015, 1.0 million and 3.4 million, respectively, of common shares issuable upon the exercise of stock options were anti-dilutive and were excluded from the calculation of diluted shares. For the nine months ended September 30, 2016 and September 30, 2015, respectively, 1.0 million and 2.9 million of common shares issuable upon the exercise of stock options were anti-dilutive and were excluded from the calculation of diluted shares.

For the three months ended September 30, 2016 and September 30, 2015, the total number of potentially dilutive options was 4.1 million and 1.2 million, respectively. For the nine months ended September 30, 2016 and September 30, 2015, the total number of potentially dilutive options was 3.2 million and 1.3 million, respectively. Because the Company had a loss from continuing operations for the quarter, these dilutive options were not included in the computation of diluted net loss per common share since doing so would decrease the loss per share.

No cash dividends were paid during each of the three and nine months ended September 30, 2016 and September 30, 2015.