EARNINGS PER SHARE:

3 Months Ended

Sep. 30, 2013

EARNINGS PER SHARE:

EARNINGS PER SHARE:

4. EARNINGS PER SHARE:

The Company’s basic earnings per share is calculated as net (loss) income divided by weighted average common shares outstanding, excluding unvested outstanding restricted stock awards, RSUs and PSUs. The Company’s dilutive earnings per share is calculated as net (loss) income 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 (loss) income from continuing operations available to common shareholders and the net (loss) income from continuing operations for diluted earnings per share under the if-converted method:

	For the Three Months Ended September 30,
	2013			2012
	(Dollars in thousands)
Net (loss) income from continuing operations available to common shareholders	$	(136	)	$	34,647
Effect of dilutive securities:
Interest on convertible debt, net of taxes	—			2,130
Net (loss) income from continuing operations for diluted earnings per share	$	(136	)	$	36,777

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

	For the Three Months Ended September 30,
	2013	2012
	(Shares in thousands)
Weighted average shares for basic earnings per share	56,393	57,283
Effect of dilutive securities:
Dilutive effect of stock-based compensation (1)	—	67
Dilutive effect of convertible debt	—	11,239
Weighted average shares for diluted earnings per share	56,393	68,589

(1) For the three months ended September 30, 2013, 132,392, common stock equivalents of potentially dilutive common stock were not included in the diluted earnings per share calculation due to the net loss from continuing operations.

The computation of weighted average shares outstanding, assuming dilution, excluded 1,409,169 and 1,028,988 of equity-based compensation awards during the three months ended September 30, 2013 and 2012, respectively as they were not dilutive under the treasury stock method. The computation of weighted average shares outstanding, assuming dilution also excluded 11,289,545 of shares from convertible debt for the three months ended September 30, 2013 as they were not dilutive.