Earnings per share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is similarly computed except that the denominator includes the effect, using the treasury stock method, of unvested restricted stock, outstanding SARs, stock options, convertible senior notes and shares held pursuant to our non-employee director deferred compensation plan, if including such potential shares of common stock is dilutive.

The following table presents a reconciliation of the weighted-average diluted shares outstanding:

	Three Months Ended June 30,		Six Months Ended June 30,
	2013	2012	2013	2012
	(in thousands)
Weighted-average common shares outstanding - basic	30,332	26,597	30,301	25,103
Dilutive effect of:
Restricted stock	313	125	—	157
SARs	26	3	—	4
Stock options	1	—	—	—
Non-employee director deferred compensation	4	3	—	4
Convertible senior notes	338	—	—	—
Weighted-average common shares and equivalents outstanding - diluted	31,014	26,728	30,301	25,268

The following table presents the weighted-average common share equivalents excluded from the calculation of diluted earnings per share due to their anti-dilutive effect:

	Three Months Ended June 30,		Six Months Ended June 30,
	2013	2012	2013	2012
	(in thousands)
Weighted-average common share equivalents excluded from diluted earnings
per share due to their anti-dilutive effect:
Restricted stock	5	90	893	64
SARs	20	87	54	81
Stock options	—	7	7	7
Non-employee director deferred compensation	—	—	4	—
Convertible senior notes	—	—	206	—
Total anti-dilutive common share equivalents	25	184	1,164	152

We reported a net loss for the six months ended June 30, 2013. As a result, our basic and diluted weighted-average common shares outstanding was the same as the effect of the common share equivalents was anti-dilutive.

In November 2010, we issued 115,000 convertible senior notes, $1,000 principal amount per note, that give the holders the right to convert the aggregate principal amount into 2.7 million common shares at a conversion price of $42.40 per share. These convertible senior notes could be included in the dilutive earnings per share calculation using the treasury stock method if the average market share price exceeds the $42.40 conversion price during the period presented. Shares issuable under the convertible senior notes were included in the diluted earnings per share calculation for the three months ended June 30, 2013 as the average market price during the period exceeded the conversion price. Shares issuable under the convertible senior notes were excluded from the diluted earnings per share calculation for the six months ended June 30, 2013 as the effect would be anti-dilutive to our earnings. Shares issuable under the convertible senior notes were excluded from the diluted earnings per share calculation for the three and six months ended June 30, 2012 as the conversion price was greater than the average market price of our common stock during the period.