17. Earnings (Loss) per Share

The following table illustrates the computation of basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2017 and 2016:

 

		Three Months Ended
		June 30, 2017				June 30, 2016
		(In thousands of US dollars, except share data)
Basic Loss per Share
Net loss		$	(8,059	)		$	(17,816	)
Basic weighted average common stock outstanding			33,952,574				34,716,081
Basic loss per share		$	(0.24	)		$	(0.51	)
Diluted Loss per Share
Net loss		$	(8,059	)		$	(17,816	)
Diluted weighted average common stock outstanding			33,952,574				34,716,081
Diluted loss per share		$	(0.24	)		$	(0.51	)
		Six Months Ended
		June 30, 2017				June 30, 2016
		(In thousands of US dollars, except share data)
Basic Earnings (Loss) per Share
Net income (loss)		$	35,679			$	(9,691	)
Basic weighted average common stock outstanding			33,808,237				34,707,492
Basic earnings (loss) per share		$	1.06			$	(0.28	)
Diluted Earnings (Loss) per Share
Net income (loss)		$	35,679			$	(9,691	)
Add back: Interest expense on Exchangeable Notes			2,542				—
Net income (loss) allocated to common stockholders		$	38,221			$	(9,691	)
Basic weighted average common stock outstanding			33,808,237				34,707,492
Net effect of dilutive equity awards			439,264				—
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock			9,524,614				—
Diluted weighted average common stock outstanding			43,772,115				34,707,492
Diluted earnings (loss) per share		$	0.87			$	(0.28	)

The following outstanding instruments were excluded from the computation of diluted earnings (loss) per share, as they have an anti-dilutive effect on the calculation:

 

		Three Months Ended								Six Months Ended
		June 30, 2017				June 30, 2016				June 30, 2017				June 30, 2016
Options			3,006,377				3,752,331				1,026,605				3,752,331
Restricted Stock Units			149,495				515,795				—				515,795

For the three months ended June 30, 2017, 10,448,213 of the assumed conversion of Exchangeable Notes was excluded from the computation of diluted loss per share as the effect was anti-dilutive due to the net loss incurred for the period.