Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of Earnings (Loss) per Share Basic and Diluted

The following table presents basic EPS and diluted EPS for the three and nine months ended September 30, 2014 and 2013, respectively. These balances have been retroactively adjusted to give effect to the Company’s 1-for-436.69219 reverse stock split declared effective on May 30, 2014, discussed in Note L to the condensed consolidated financial statements.


	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except per share data)	2014			2013		2014			2013
Earnings (losses):
Net income (loss) available to common shareholders	$	(10,110	)	$	4,936	$	(37,645	)	$	(32,806	)
Shares:
Weighted average common shares outstanding		48,770			37,270		41,693			37,270
Dilutive effect of restricted stock units*		—			—		—			—

Diluted weighted average shares outstanding		48,770			37,270		41,693			37,270

Income (loss) per share:
Income (loss) per share—basic and diluted	$	(0.21	)	$	0.13	$	(0.90	)	$	(0.88	)

Refer to Note M for discussion of restricted stock units granted in June 2014 to certain Company directors. As net loss was reported for each of the above periods of 2014, potentially dilutive awards have not been included within the calculation of diluted EPS, as they would have an anti-dilutive effect.