Stockholders' Equity

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Stockholders' Equity

8. 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):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014		2013
Numerator:
Net income (loss) available to common shareholders	$	8,913	$	(15,298	)	$	36,368	$	19,495
Denominator:
Basic weighted average shares outstanding		31,606,264		33,660,212			32,538,832		33,772,710
Effect of dilutive securities:
SARs and options		237,602		—			268,016		566,190
Restricted stock		164,915		—			159,469		168,010
Diluted weighted average shares outstanding		32,008,781		33,660,212			32,966,317		34,506,910
Basic earnings (loss) per share	$	0.28	$	(0.45	)	$	1.12	$	0.58
Diluted earnings (loss) per share	$	0.28	$	(0.45	)	$	1.10	$	0.56

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:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Restricted stock and stock options		10,444		407,902		3,511		34,620
Stock appreciation rights		3,340		115,790		2,625		97,540

Stock Split

In February 2014, the Company’s Board of Directors approved a two-for-one stock split of the Company’s common stock, par value $0.01. The stock split was in the form of a stock dividend distributed on May 7, 2014 to stockholders of record at the close of business on April 7, 2014. The stock split entitled each stockholder to receive one additional share of common stock, par value $0.01, for each share they held as of the record date. All common stock share and per share data for all periods presented in the accompanying unaudited condensed consolidated financial statements and notes thereto are presented on a post-split basis. Additionally, on April 30, 2014, the Company’s stockholders approved an amendment to the Company’s Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 40 million to 80 million shares.

Stock Repurchase Programs

In February 2014, the Company’s Board of Directors authorized a common stock repurchase program of up to $50 million of the Company’s outstanding common stock (the “February 2014 Stock Repurchase Program”). This authorization has no expiration date. During the three months ended June 30, 2014, the Company repurchased 1,657,919 shares for $50.0 million at an average price of $30.16 per share, which completed the authorization under the February 2014 Stock Repurchase Program. The share and per share data for the repurchases are reflective of the two-for-one stock split distributed on May 7, 2014.

On October 23, 2014, the Company’s Board of Directors authorized a common stock repurchase program of up to two million shares of the Company’s outstanding common stock (the “October 2014 Stock Repurchase Program”). This authorization has no expiration date.