EARNINGS PER SHARE

9 Months Ended

Sep. 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						Nine months ended
	September 30,						September 30,
(In thousands except per share data )	2015			2014			2015			2014
Net (loss) income available for stockholders:	$	(35,173	)	$	64,885		$	(61,680	)	$	167,556
Less:  Dividends paid		-			(22,939	)		(33,599	)		(68,822	)
(Over distributed loss) Undistributed earnings	$	(35,173	)	$	41,946		$	(95,279	)	$	98,734
Basic shares outstanding:
Common stock		210,342			211,604			210,244			211,552
Restricted shares of common stock		3,337			3,598			3,373			3,648
		213,679			215,202			213,617			215,200
Diluted shares outstanding:
Common stock		210,342			211,604			210,244			211,552
Dilutive effect of stock based awards		-			1,132			-			1,116
		210,342			212,736			210,244			212,668
Restricted shares of common stock		3,337			3,598			3,373			3,648
		213,679			216,334			213,617			216,316

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 September 30,				Nine months ended September 30,
(in thousands)	2015		2014		2015		2014
Restricted shares of common stock		-		-		105		-

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

	Three months ended September 30,					Nine months ended September 30,
	2015			2014		2015			2014
Basic (loss) earnings per share
Common stock	$	(0.16	)	$	0.30	$	(0.29	)	$	0.78
Restricted shares of common stock	$	(0.16	)	$	0.28	$	(0.29	)	$	0.72