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Earnings Per Share
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

10. Earnings Per Share

Basic’s basic earnings per common share are determined by dividing net earnings applicable to common stock by the weighted average number of common shares actually outstanding during the period. Diluted earnings per common share is based on the increased number of shares that would be outstanding assuming conversion of dilutive outstanding securities using the “as if converted” method. The following table sets forth the computation of unaudited basic and diluted earnings per share (in thousands, except share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

(Unaudited)

Numerator (both basic and diluted):

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$
2,444 

 

$
(12,797)

 

$
536 

 

$
(21,574)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share

 
41,341,888 

 

 
40,336,229 

 

 
40,850,970 

 

 
40,411,887 

Stock options

 
101,446 

 

 

 —

 

 
146,354 

 

 

 —

Unvested restricted stock

 
600,113 

 

 

 —

 

 
351,395 

 

 

 —

Denominator for diluted earnings per share

 
42,043,447 

 

 
40,336,229 

 

 
41,348,719 

 

 
40,411,887 

Basic earnings per common share:

$
0.06 

 

$
(0.32)

 

$
0.01 

 

$
(0.53)

Diluted earnings per common share:

$
0.06 

 

$
(0.32)

 

$
0.01 

 

$
(0.53)

 

Stock options and unvested restricted stock shares of approximately 979,936 and 911,162 were excluded in the computation of diluted earnings per share for the three and six months ended June 30, 2013, respectively as the effect would have been anti-dilutive.