EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2015

EARNINGS PER SHARE

EARNINGS PER SHARE

4. EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net (loss) income by the weighted average number of shares outstanding during the respective periods. The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities.

A reconciliation of weighted average shares outstanding is as follows:

	Three months ended June 30						Six months ended June 30
(In thousands except per share data )	2015			2014			2015			2014
Net (loss) income available for stockholders:	$	(34,055	)	$	63,283		$	(26,507	)	$	102,671
Less:  Dividends paid		(10,837	)		(22,898	)		(33,599	)		(45,883	)
(Over distributed loss) Undistributed earnings	$	(44,892	)	$	40,385		$	(60,106	)	$	56,788
Basic shares outstanding:
Common stock		208,156			211,611			210,195			211,522
Restricted shares of common stock		4,442			3,613			3,391			3,677
		212,598			215,224			213,586			215,199
Diluted shares outstanding:
Common stock		208,156			211,611			210,195			211,522
Dilutive effect of stock based awards		-			1,014			-			1,081
		208,156			212,625			210,195			212,603
Restricted shares of common stock		4,442			3,613			3,391			3,677
		212,598			216,238			213,586			216,280

The dilutive effect of the Company’s restricted shares as shown below have been excluded from the computation of diluted (loss) earnings per share for the following periods, as their effect would have been anti-dilutive:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2015		2014		2015		2014
Restricted shares of common stock		835		-		200		-

(Loss) earnings per share attributable to common stock and restricted shares of common stock (participating securities) is as follows:

	Three months ended  June 30					Six months ended June 30
	2015			2014		2015			2014
Basic (loss) earnings per share
Common stock	$	(0.16	)	$	0.29	$	(0.12	)	$	0.48
Restricted shares of common stock	$	(0.13	)	$	0.28	$	(0.13	)	$	0.44