EARNINGS PER SHARE:

9 Months Ended

Mar. 31, 2013

EARNINGS PER SHARE:

EARNINGS PER SHARE:

4. EARNINGS PER SHARE:

The Company’s basic earnings per share is calculated as net income (loss) divided by weighted average common shares outstanding, excluding unvested outstanding RSAs, RSUs and PSUs. The Company’s dilutive earnings per share is calculated as net income (loss) divided by weighted average common shares and common share equivalents outstanding, which includes shares issued under the Company’s stock based compensation plans. Stock-based awards with exercise prices greater than the average market value of the Company’s common stock are excluded from the computation of diluted earnings per share. The Company’s dilutive earnings per share will also reflect the assumed conversion under the Company’s convertible debt if the impact is dilutive, along with the exclusion of interest expense, net of taxes. The impact of the convertible debt is excluded from the computation of diluted earnings per share when interest expense per common share obtainable upon conversion is greater than basic earnings per share.

The following table sets forth a reconciliation of the net income (loss) from continuing operations available to common shareholders and the net income (loss) from continuing operations for diluted earnings per share under the if-converted method:

	For the Periods Ended March 31,
	Three Months					Nine Months
	2013		2012			2013		2012
	(Dollars in thousands)
Net income (loss) from continuing operations available to common shareholders	$	896	$	(3,878	)	$	19,424	$	13,645
Effect of dilutive securities:
Interest on convertible debt, net of taxes	—		—			—		—
Net income (loss) from continuing operations for diluted earnings per share	$	896	$	(3,878	)	$	19,424	$	13,645

The following table sets forth a reconciliation of shares used in the computation of basic and diluted earnings per share:

	For the Periods Ended March 31,
	Three Months		Nine Months
	2013	2012	2013	2012
	(Shares in thousands)
Weighted average shares for basic earnings per share	56,345	57,053	56,816	57,029
Effect of dilutive securities:
Dilutive effect of stock-based compensation (1)	155	—	112	207
Dilutive effect of convertible debt	—	—	—	—
Weighted average shares for diluted earnings per share	56,500	57,053	56,928	57,236

(1) For the three months ended March 31, 2012, 237,041, common stock equivalents of potentially dilutive common stock were not included in the diluted earnings per share calculation because to do so would have been anti-dilutive.

The computation of weighted average shares outstanding, assuming dilution, excluded 1,514,325 and 1,697,834 of equity-based compensation awards during the three months ended March 31, 2013 and 2012, respectively, and 1,619,322 and 1,721,534 of equity-based compensation awards during the nine months ended March 31, 2013 and 2012, respectively. These amounts were excluded because they were not dilutive under the treasury stock method. The computation of weighted average shares outstanding, assuming dilution also excluded 11,267,057 and 11,217,188 of shares from convertible debt for the three months ended March 31, 2013 and 2012, respectively, and 11,253,490 and 11,201,455 of shares from convertible debt for the nine months ended March 31, 2013 and 2012, respectively. These amounts were excluded as they were not dilutive.