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Earnings per Share
12 Months Ended
Dec. 31, 2014
Earnings per Share  
Loss per Share

11. Earnings per Share

Basic income (loss) per common share is determined by dividing income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted income (loss) per share is computed by dividing the income (loss) attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company's stock option grants, SAR, potential Employee Stock Purchase Plan (ESPP) awards and warrants, and the if-converted method (which reflects a calculated loss on debt extinguishment of $5.7 million as shown in the following table) is used to determine the dilutive effect of the Company's Notes and Series A Preferred Stock. The following common stock equivalents were excluded in the calculation of diluted loss per share because their effect would be anti-dilutive as applied to the loss from continuing operations applicable to common stockholders for the years ended December 31, 2014, 2013 and 2012:

                                                                                                                                                                                    

 

 

Year Ended December 31,

 

 

 

2014

 

2013

 

2012

 

Shares underlying Convertible Senior Secured Notes

 

 

 

 

6,219,782 

 

 

 

Series A Preferred Stock

 

 

 

 

 

 

4,049,863 

 

Warrants to purchase Series A Preferred Stock/common stock

 

 

 

 

13,388 

 

 

21,090 

 

Stock options, stock appreciation rights, and non-vested stock options

 

 

 

 

151,737 

 

 

256,939 

 

The following table sets forth the computation of basic and diluted net income per share for the year ended December 31, 2014, in thousands, except share and per share amounts:

                                                                                                                                                                                    

 

 

Year ended December 31,

 

 

 

2014

 

2013

 

2012

 

Numerator, in thousands:

 

 

 

 

 

 

 

 

 

 

Net income used for calculation of basic EPS

 

$

19,871

 

$

(92,273

)

$

(47,427

)

Interest expense on convertible debt

 

 

4,963

 

 


 

 


 

Changes in fair value of derivative liabilities

 

 

(2,809

)

 

 

 

 

Loss on extinguishment of outstanding debt

 

 

2,592

 

 

 

 

 

Loss on extinguishment of outstanding debt, as if converted

 

 

(8,315

)

 

 

 

—  

 

​  

​  

​  

​  

​  

​  

Total adjustments

 

 

(3,569

)

 

 

 

—  

 

​  

​  

​  

​  

​  

​  

Net income used for calculation of diluted EPS

 

$

16,302

 

$

(92,273

)

$

(47,427

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Denominator:

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

42,260,896

 

 

31,848,299

 

 

17,440,910

 

Effect of dilutive potential common shares:

 

 

 

 

 


 

 


 

Shares underlying Convertible Senior Secured Notes

 

 

7,090,722

 

 

 

 

 

 

 

Shares issuable to settle interest make-whole derivatives

 

 

904,618

 

 

 

 

 

Warrants to purchase common stock

 

 

20,499

 

 

 

 

 

Stock options, stock appreciation rights, and non-vested stock options

 

 

306,776

 

 

 

 

—  

 

​  

​  

​  

​  

​  

​  

Total potential dilutive common shares

 

 

8,322,615

 

 

 

 

—  

 

​  

​  

​  

​  

​  

​  

Weighted average shares outstanding, diluted

 

 

50,583,511

 

 

31,848,299

 

 

17,440,910

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income per share, basic

 

$

0.47

 

$

(2.90

)

$

(2.72

)

Net income per share, diluted

 

$

0.32

 

$

(2.90

)

$

(2.72

)