Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

Earnings (Loss) Per Common Share

The following tables set forth the computations of basic and diluted earnings (loss) per common share for the three months ended March 31, 2015 and 2014 (in thousands, except per share data):

	Three Months Ended March 31,
Basic earnings (loss) per common share:	2015			2014
Numerator:
Net loss	$	(2,958	)	$	(3,674	)
Denominator:
Weighted-average common shares outstanding	26,394			30,159
Basic earnings (loss) per common share	$	(0.11	)	$	(0.12	)

	Three Months Ended March 31,
Diluted earnings (loss) per common share:	2015			2014
Numerator:
Net loss	$	(2,958	)	$	(3,674	)
Denominator:
Weighted-average common shares outstanding	26,394			30,159
Incremental shares from stock-based compensation plans	—			—
Denominator for diluted earnings (loss) per common share	26,394			30,159
Diluted earnings (loss) per common share	$	(0.11	)	$	(0.12	)

For the three months ended March 31, 2015, weighted-average common shares outstanding excludes from the computation of diluted earnings (loss) per common share antidilutive shares underlying options that totaled 3.3 million shares and antidilutive Performance Units issuable under the Company's 2006 Management Incentive Plan that totaled less than 0.1 million shares. For the three months ended March 31, 2014, weighted-average common shares outstanding excludes from the computation of diluted earnings (loss) per common share antidilutive shares underlying options that totaled 2.4 million shares and antidilutive Performance Units related to the Company's 2006 Management Incentive Plan that totaled less than 0.1 million shares. As a result of the net loss for the three months ended March 31, 2015 and March 31, 2014, all shares underlying stock options and Performance Units were considered antidilutive. The number of common shares we used in the basic and diluted earnings (loss) per common share computations include nonvested restricted shares of 0.5 million and 0.7 million for the three months ended March 31, 2015 and 2014, respectively, and nonvested restricted share units that we consider to be participating securities of 1.4 million and 0.2 million for the three months ended March 31, 2015 and 2014, respectively.

We repurchased 1,129,932 shares of our common stock during the three months ended March 31, 2015 for $5.5 million, and 6,700 shares of our common stock during the three months ended March 31, 2014 for less than $0.1 million.

Pursuant to exercises of outstanding stock options, we issued 12,863 shares of our common stock having a value of less than $0.1 million in the three months ended March 31, 2015 and 563,514 shares of our common stock having a value of $2.2 million in the three months ended March 31, 2014. Stock option exercises during the three-month period ended March 31, 2014 primarily consisted of exercises by a former executive officer of the Company.

In partial satisfaction of a business acquisition obligation, we issued 187,620 shares of our common stock having a value of $1.3 million in the three months ended March 31, 2014. There were no shares issued to satisfy business acquisition obligations in the three months ended March 31, 2015.