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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Common Share

4. EARNINGS PER COMMON SHARE

Basic and diluted earnings per common share (“EPS”) amounts are presented on the face of the accompanying Income Statements.

No reconciliation of the basic and diluted EPS numerators is necessary as net income is used as the numerators for all periods presented.  The reconciliation of the basic and diluted EPS denominators related to the common shares is included in the following table (in thousands):

 

 

Quarter Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2014

 

 

2013

 

2014

 

 

2013

 

 

Basic weighted-average common shares

 

32,604

 

 

 

32,084

 

 

 

32,514

 

 

 

32,114

 

 

Dilutive effect of common stock options

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

Dilutive effect of restricted common stock

 

575

 

 

 

580

 

 

 

565

 

 

 

438

 

 

Dilutive effect of 2010 Convertible Notes

 

813

 

 

 

—

 

 

 

778

 

 

 

—

 

 

Dilutive effect of Stock Warrants

 

4

 

 

 

—

 

 

 

1

 

 

 

—

 

 

Diluted weighted-average common shares

 

33,996

 

 

 

32,664

 

 

 

33,858

 

 

 

32,553

 

 

 

There were no potentially dilutive common shares related to stock options and unvested shares of restricted common stock for the third quarters of 2014 and 2013 and nine months ended September 30, 2014 and 2013 excluded from the computation of diluted EPS related to common shares.

The 2010 Convertible Notes have a dilutive effect only in those quarterly periods in which our average stock price exceeds the current effective conversion price (see Note 5).

The Stock Warrants have a dilutive effective only in those quarterly periods in which our average stock price exceeds the exercise price of $26.68 per warrant (under the treasury stock method), and are not subject to performance vesting conditions.  The Stock Warrants that vest in January 2015 (0.5 million Stock Warrants) were included in computation of diluted EPS for the period of time they were outstanding.  The remaining Stock Warrants were excluded from the computation of diluted EPS as the performance conditions associated with the vesting of those Stock Warrants had not been met as of September 30, 2014.