Earnings per Share (Notes)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

Basic earnings per share is computed by dividing net earnings available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share include the effect of conversions of stock options and nonvested shares. The computations of basic and diluted earnings per share for 2014 and 2013 (dollars in thousands, except share and per share amounts) are as follows:

	For the Year Ended December 31,
	2014			2013
Numerator:
Net loss from continuing operations	$	(11,483	)	$	(74,927	)
Income from discontinued operations	42,422			7,415
Net income (loss)	30,939			(67,512		)
Less income attributable to noncontrolling interests	—			17
Net income (loss) available to common shareholders	$	30,939		$	(67,529	)
Denominator:
Weighted average common shares outstanding – basic	90,926,111			90,776,211
Weighted average common shares outstanding – diluted:
Weighted average common shares outstanding – basic	90,926,111			90,776,211
Stock options	—			—
Nonvested shares	—			—
Weighted average common shares outstanding – diluted	90,926,111			90,776,211
Basic earnings per share:
Net loss from continuing operations	$	(0.13	)	$	(0.82	)
Income from discontinued operations	0.47			0.08
Net income (loss)	0.34			(0.74		)
Less income attributable to noncontrolling interests	—			—
Net income (loss) available to common shareholders	$	0.34		$	(0.74	)
Diluted earnings per share:
Net loss from continuing operations	$	(0.13	)	$	(0.82	)
Income from discontinued operations	0.47			0.08
Net income (loss)	0.34			(0.74		)
Less income attributable to noncontrolling interests	—			—
Net income (loss) available to common shareholders	$	0.34		$	(0.74	)

The following weighted-average stock options to purchase shares of Common Stock were outstanding during each period presented, but were not included in the computation of diluted earnings (loss) per share because the number of shares assumed to be repurchased, as calculated was greater than the number of shares to be obtained upon exercise, therefore, the effect would be antidilutive (in thousands, except exercise prices):

	For the Year Ended December 31,
	2014		2013
Number of stock options	9,859		8,459
Weighted average exercise price of stock options	$	0.66	$	0.69

During 2014, the Company granted 3.7 million options to purchase shares of Common Stock at a weighted average exercise price of $0.51. The weighted average impact of 1.6 million options granted during the current year is included in the table above for 2014.

During 2013, the Company granted 0.6 million options to purchase shares of Common Stock at a weighted average exercise price of $0.53. The weighted average impact of 0.4 million options is included in the table above for 2013.

The Company had approximately 0.5 million and 0.6 million nonvested shares outstanding as of December 31, 2014 and December 31, 2013, respectively. These shares have original cliff vesting schedules ranging between five and ten years. Of these, the weighted average impact of approximately 0.6 million and 0.7 million nonvested shares were not included in the calculation of earnings per share for 2014 and 2013, respectively, because they were anti-dilutive.