Quarterly report pursuant to Section 13 or 15(d)

Net income (loss) per Share

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Net income (loss) per Share
9 Months Ended
Sep. 30, 2016
Net income (loss) per Share

11. Net income (loss) per Share

The computation of basic and diluted net income (loss) per share for the periods indicated is as follows:

 

    

Three Months Ended

September 30,

    

Nine Months Ended

September 30,

 
     2016      2015      2016      2015  

Numerator:

           

Net income (loss)

   $ 1.6       $ (0.3    $ (2.1    $ (3.8
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator:

           

Weighted-average common shares (in thousands)—basic

     20,491         15,463         18,519         14,541   

Effect of restricted shares

     385         —           —           —     

Effect of restricted share units

     11         —           —           —     

Effect of contingent purchase price obligations

     256         —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted-average common shares (in thousands)—diluted

     21,143         15,463         18,519         14,541   
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic net income (loss) per share

   $ 0.08      $ (0.02    $ (0.11    $ (0.26
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted net income (loss) per share

   $ 0.08      $ (0.02    $ (0.11    $ (0.26
  

 

 

    

 

 

    

 

 

    

 

 

 

In connection with prior acquisitions, we unconditionally agreed to issue additional shares of our common stock during 2016 and 2017. As such, included in the computation of basic net income (loss) per share were 66,668 potentially dilutive share for each of the three and nine months ended September 30, 2016, and 492,600 potentially dilutive share for each of the three and nine months ended September 30, 2015.

At September 30, 2016 and 2015, we were contingently obligated to pay $5.4 million and $9.1 million, respectively, related to prior acquisitions, of which $1.6 million and $6.9 million may be settled, at our option, in either cash or an equivalent amount of common shares based upon their then-current market value, if certain performance criteria had been met. The equivalent amount of common shares have been included in the computation of diluted income per share for the three months ended September 30, 2016; however had been excluded from the nine months ended September 30, 2016 and both the three and nine months ended September 30, 2015, as they were antidilutive.

At September 30, 2016 and 2015, 27,828 options outstanding with an average exercise price of $44.76 and 31,483 options outstanding with an average exercise price of $43.64, respectively, were not recognized in the diluted earnings per share calculation as they were antidilutive.