Annual report pursuant to Section 13 and 15(d)

Earnings (Loss) Per Share

v3.6.0.2
Earnings (Loss) Per Share
12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings (Loss) Per Share
Basic earnings (loss) per share is calculated as net income (loss) available to common stockholders divided by the average number of participating shares of common stock outstanding. Diluted earnings (loss) per share includes the dilutive effect of granted stock appreciation rights, granted restricted common stock units, granted restricted common stock awards, convertible debt and warrants using the treasury stock method and the dilutive effect of convertible preferred shares using the if-converted method.
The calculation of earnings (loss) per share, basic and diluted, for the years ended December 31, 2016, 2015 and 2014, is as follows (shares in thousands, per share value in dollars):
 
Year Ended December 31,
 
2016
 
2015
 
2014
Net income (loss) available to stockholders
$
(82,805
)
 
$
52,751

 
$
38,457

less: preferred stock dividends

 
15

 
59

Net income (loss) available to common stockholders
(82,805
)
 
52,736

 
38,398

 
 
 
 
 
 
Weighted average shares outstanding, basic
70,739

 
69,772

 
68,985

Dilutive common stock equivalents

 
942

 
388

Weighted average shares outstanding, diluted
70,739

 
70,714

 
69,373

Earnings (loss) per share, basic
$
(1.17
)
 
$
0.76

 
$
0.56

Earnings (loss) per share, diluted
$
(1.17
)
 
$
0.75

 
$
0.55


For the year ended December 31, 2016, we excluded 28 common stock equivalents from the weighted average diluted shares outstanding as the effect of including such shares would be anti-dilutive. For the years ended December 31, 2015 and 2014, the weighted average diluted shares includes all potentially dilutive common stock equivalents.