Stockholders' Equity

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Stockholders' Equity

7. STOCKHOLDERS’ EQUITY

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

	Year Ended December 31,
	2013		2012		2011
Numerator:
Net income (loss)	$	34,598	$	2,720	$	(11,588	)
Denominator:
Basic weighted average shares outstanding		16,794,841		16,123,592		15,388,456
Effect of dilutive securities:
SARS and options		255,353		406,482		—
Restricted stock		86,557		51,799		—
Convertible notes		—		482,983		—
Diluted weighted average shares outstanding		17,136,751		17,064,856		15,388,456
Basic earnings (loss) per share	$	2.06	$	0.17	$	(0.75	)
Diluted earnings (loss) per share	$	2.02	$	0.16	$	(0.75	)

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:

	Year Ended December 31,
	2013		2012		2011
Restricted stock and stock options		59,298		117,322		323,562
Stock appreciation rights		36,577		121,206		1,195,462

Stock Repurchase Programs

On August 1, 2013, the Company’s Board of Directors authorized the repurchase of up to $25 million of the Company’s outstanding common stock over a six-month period (the “August 2013 Stock Repurchase Program”). During the three months ended September 30, 2013, the Company repurchased 561,255 shares for $25.0 million at an average price of $44.54 per share, which completed the authorization under the August 2013 Stock Repurchase Program.

On October 24, 2013, the Company’s Board of Directors authorized an additional common stock repurchase program, expiring on February 10, 2014, of up to $30 million of the Company’s outstanding common stock (the “October 2013 Stock Repurchase Program”). The Company made no repurchases under the October 2013 Stock Repurchase Program before it expired.

On February 19, 2014, the Company’s Board of Directors authorized an additional common stock repurchase program of up to $50 million of the Company’s outstanding common stock. This authorization has no expiration date.

Stock Split

On February 19, 2014, the Board of Directors approved a two-for-one stock split of the Company’s common stock, par value $0.01. The stock split will be in the form of a stock dividend to be distributed on May 7, 2014 to stockholders of record at the close of business on April 7, 2014. The financial statements presented in this Form 10-K appropriately do not reflect the effects of the stock split.