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Net Earnings (Loss) Per Common Share
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Net Earnings (Loss) Per Common Share
Net Earnings (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net earnings (loss) per common share.
 
2015
 
2014
 
2013
 
(In thousands except per share data)
Basic
 
 
 
 
 
Average common shares outstanding
32,171

 
32,009

 
31,915

 
 
 
 
 
 
Net loss from continuing operations
$
(26,450
)
 
$
(68,760
)
 
$
(54,334
)
Net earnings from discontinued operations
$
260

 
$
12,690

 
$
87,385

Net earnings (loss)
$
(26,190
)
 
$
(56,070
)
 
$
33,051

 
 
 
 
 
 
Net loss per common share from continuing operations
$
(0.82
)
 
$
(2.15
)
 
$
(1.70
)
Net earnings per common share from discontinued operations
$
0.01

 
$
0.40

 
$
2.74

Net earnings (loss) per common share
$
(0.81
)
 
$
(1.75
)
 
$
1.04

 
 
 
 
 
 
Diluted
 
 
 
 
 
Average common shares outstanding
32,171

 
32,009

 
31,915

Stock options and awards
512

 
188

 
128

Average common shares assuming dilution
32,683

 
32,197

 
32,043

 
 
 
 
 
 
Net loss from continuing operations
$
(26,450
)
 
$
(68,760
)
 
$
(54,334
)
Net earnings from discontinued operations
$
260

 
$
12,690

 
$
87,385

Net earnings (loss)
$
(26,190
)
 
$
(56,070
)
 
$
33,051

 
 
 
 
 
 
Net loss per common share from continuing operations *
$
(0.82
)
 
$
(2.15
)
 
$
(1.70
)
Net earnings per common share from discontinued operations
$
0.01

 
$
0.39

 
$
2.73

Net earnings (loss) per common share *
$
(0.81
)
 
$
(1.75
)
 
$
1.03



* Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss.
At December 31, 2015, 2014 and 2013, shares associated with stock options of 1,479,912, 2,857,590 and 4,307,458, respectively, were excluded from the average common shares assuming dilution, as they were anti-dilutive. At December 31, 2015, the majority of the anti-dilutive shares were granted at an exercise price of $18.51, which was lower than the average fair market value price of $25.24 for 2015. For the 2015, 2014 and 2013 net loss per share from continuing operations calculation, all of the shares associated with stock options were anti-dilutive because of the company's loss. In 2014, the majority of the anti-dilutive shares were granted at an exercise price of $41.87, which was higher than the average fair market value price of $16.95 for 2014. In 2013, the majority of the anti-dilutive shares were granted at an exercise price of $41.87, which was higher than the average fair market value price of $16.48 for 2013. Shares necessary to settle a conversion spread on the convertible notes issued in 2007 were not included in the common shares assuming dilution as the average market price of the company stock in 2015, 2014 and 2013 did not exceed the conversion price.