Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2015

3. EARNINGS (LOSS) PER SHARE

Earnings (loss) per share is computed as follows:


	Three Months Ended June 30,												Six Months Ended June 30,
	2015						2014						2015								2014
	Net Income		Shares		Per Share Amount		Net Income		Shares		Per Share Amount		Net Loss			Shares		Per Share Amount			Net Loss			Shares		Per Share Amount
Basic earnings (loss) per share	$	5,809		86,186	$	0.07	$	37,406		86,877	$	0.43	$	(37,789	)		86,142	$	(0.44	)	$	(11,811	)		87,642	$	(0.13	)
Effect of dilutive incentive-based awards				105						312							—								—

Diluted earnings (loss) per share	$	5,809		86,291	$	0.07	$	37,406		87,189	$	0.43	$	(37,789	)		86,142	$	(0.44	)	$	(11,811	)		87,642	$	(0.13	)

In accordance with the Earnings Per Share Topic of the ASC, basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period (excluding treasury stock and unvested restricted stock). The shares of unvested restricted stock are eligible to receive dividends; however, dividend rights will be forfeited if the award does not vest. Accordingly, only vested shares of outstanding restricted stock are included in the calculation of basic earnings per share. The weighted average number of repurchased shares during the period, if any, which are held as treasury stock are excluded from common stock outstanding.

Diluted earnings (loss) per share is determined using the treasury stock method based on the dilutive effect of unvested restricted stock and certain shares of common stock that are issuable upon exercise of stock options. There were approximately 1,933,000 and 17,000 anti-dilutive shares of common stock excluded from the computation of diluted earnings per share during the three months ended June 30, 2015 and 2014, respectively. During the six months ended June 30, 2015 and 2014, the Company excluded potentially dilutive shares of approximately 1,583,000 and 324,000, respectively, from the calculation of diluted loss per share as their effect would have been anti-dilutive due to the Company’s net loss in those periods.

The Company’s outstanding performance share awards are considered contingently issuable shares and are excluded from the calculation of diluted earnings (loss) per share as the performance criteria has not been met as of the end of the reporting period. See further discussion in Note 11–Equity-Based Compensation.