EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2014

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 4        EARNINGS PER SHARE

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and nonvested stock issued under stock-based compensation plans is computed using the treasury stock method. The dilutive effect of the Sponsors Warrants and Management Warrants is computed using the if-converted method. Gains associated with the Sponsors Warrants and Management Warrants are excluded from the numerator in computing diluted earnings per share because inclusion of such gains in the computation would be anti-dilutive.

Information related to our EPS calculations is summarized as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(In thousands, except per share amounts)						(In thousands, except per share amounts)
Basic EPS:
Numerator:
Net income (loss)	$	45,615		$	7,433		$	(55,449	)	$	(92,233	)
Net income attributable to noncontrolling interests	—			(98		)	(12		)	(110		)
Net income (loss) attributable to common stockholders	$	45,615		$	7,335		$	(55,461	)	$	(92,343	)
Denominator:
Weighted average basic common shares outstanding	39,465			39,454			39,459			39,447
Diluted EPS:
Numerator:
Net income (loss) attributable to common stockholders	$	45,615		$	7,335		$	(55,461	)	$	(92,343	)
Less: Warrant liability gain	(24,690		)	—			—			—
Adjusted net income (loss) attributable to common stockholders	$	20,925		$	7,335		$	(55,461	)	$	(92,343	)
Denominator:
Weighted average basic common shares outstanding	39,465			39,454			39,459			39,447
Restricted stock and stock options	405			253			—			—
Warrants	3,301			2,732			—			—
Weighted average diluted common shares outstanding	43,171			42,439			39,459			39,447
Basic earnings (loss) per share:	$	1.16		$	0.19		$	(1.41	)	$	(2.34	)
Diluted earnings (loss) per share:	$	0.48		$	0.17		$	(1.41	)	$	(2.34	)

The diluted EPS computation for the nine months ended September 30, 2014 excludes 1,037,740 stock options, 172,690 shares of restricted stock, 1,916,667 shares of common stock underlying the Sponsors Warrants and 2,862,687 shares of common stock underlying the Management Warrants because their inclusion would have been anti-dilutive.

The diluted EPS computations for the nine months ended September 30, 2013 excludes 930,940 stock options, 122,332 shares of restricted stock, 1,916,667 shares of common stock underlying the Sponsor Warrants and 2,862,687 shares of common stock underlying the Management Warrants because their inclusion would have been anti-dilutive.