| Income Per Share |
10. INCOME (LOSS) PER SHARE
Basic net (loss) income per share is calculated by dividing net income by the weighted average shares outstanding during the period, without consideration for common stock equivalents.
Diluted net (loss) income per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. No common stock equivalents were included in the computation of loss per share for the three months ended March 31, 2017, as their effect would have been anti-dilutive.
Basic and diluted (loss) income per share were computed as follows, in thousands, except share and per share amounts:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2017
|
|
2016
|
|
(Loss) income from continuing operations
|
|
$
|
(1,710)
|
|
$
|
11,116
|
|
Net (loss) income - basic and diluted
|
|
$
|
(1,710)
|
|
$
|
11,116
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic
|
|
|
37,123,245
|
|
|
37,761,423
|
|
|
|
|
|
|
|
|
|
Dilutive effect of common stock equivalents:
|
|
|
|
|
|
|
|
RSAs with service-based conditions
|
|
|
—
|
|
|
113,683
|
|
RSAs with market-based conditions
|
|
|
—
|
|
|
—
|
|
RSAs with performance-based conditions
|
|
|
—
|
|
|
—
|
|
Stock options
|
|
|
—
|
|
|
24,004
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - diluted
|
|
|
37,123,245
|
|
|
37,899,110
|
|
|
|
|
|
|
|
|
|
Basic (loss) income per common share:
|
|
|
|
|
|
|
|
(Loss) income from continuing operations
|
|
$
|
(0.05)
|
|
$
|
0.29
|
|
Net (loss) income
|
|
$
|
(0.05)
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
Diluted (loss) income per common share:
|
|
|
|
|
|
|
|
(Loss) income from continuing operations
|
|
$
|
(0.05)
|
|
$
|
0.29
|
|
Net (loss) income
|
|
$
|
(0.05)
|
|
$
|
0.29
|
The following table summarizes shares excluded from the calculation of diluted (loss) income per share because their effect would have been anti-dilutive:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2017
|
|
2016
|
|
Anti-dilutive common stock equivalents:
|
|
|
|
|
|
|
|
RSAs with service-based conditions
|
|
|
401,623
|
|
|
99,734
|
|
RSAs with market-based conditions
|
|
|
205,316
|
|
|
25,293
|
|
RSAs with performance-based conditions
|
|
|
—
|
|
|
—
|
|
Stock options
|
|
|
774,920
|
|
|
484,284
|
|
Total anti-dilutive common stock equivalents:
|
|
|
1,381,859
|
|
|
609,311
|
|