Note 3 - Earnings per Share

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 3 – Earnings per Share

The following table presents the reconciliation of the numerator and denominator for calculating earnings per share from continuing operations:

	Third Quarter					First Nine Months
(In thousands, except per share data)	2015			2014		2015			2014
Basic EPS:
Income (loss) from continuing operations	$	(4,471	)	$	23,492	$	(7,732	)	$	55,563
Weighted average number of common shares outstanding		82,990			82,055		82,606			83,260
Basic income (loss) from continuing operations per common share	$	(0.05	)	$	0.29	$	(0.09	)	$	0.67
Diluted EPS:
Income (loss) from continuing operations	$	(4,471	)	$	23,492	$	(7,732	)	$	55,563
Assumed conversions of Senior Notes		-			1,294		-			3,808
Adjusted income (loss) from continuing operations	$	(4,471	)	$	24,786	$	(7,732	)	$	59,371
Weighted average number of common shares outstanding-basic		82,990			82,055		82,606			83,260
Add:   Dilutive effect of stock options and restricted stock awards		-			1,550		-			1,715
Dilutive effect of Senior Notes		-			15,682		-			15,682
Diluted weighted average number of common shares outstanding		82,990			99,287		82,606			100,657
Diluted income (loss) from continuing operations per common share	$	(0.05	)	$	0.25	$	(0.09	)	$	0.59
Stock options and restricted stock excluded from calculation of diluted earnings per share because anti-dilutive for the period		5,144			1,075		3,505			821

For the third quarter and first nine months of 2015, we excluded all potentially dilutive stock options and restricted stock as well as the assumed conversion of the Senior Notes in calculating diluted earnings per share due to the net losses incurred for these periods as the effect was anti-dilutive.