Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2015

Net Income (Loss) Per Common Share

Net Income (Loss) Per Common Share

Note D — Net Income (Loss) Per Common Share

Basic net income per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share.  During the three and six months ended June 30, 2015, options to acquire 459,000 and 2,019,000 shares, respectively, were excluded from the computation of Diluted EPS as their impact was anti-dilutive. During the three and six months ended June 30, 2014, options to acquire 3,279,000 and 3,112,000 shares, respectively, were excluded from the computation of Diluted EPS as their impact was anti-dilutive.

The calculation of the weighted average number of common shares outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2015		2014			2015		2014
	(Unaudited)					(Unaudited)
Numerator
Net Income (loss)	$	31,475	$	(14,737	)	$	41,095	$	(37,624	)
Denominator
Weighted average number of common shares outstanding	51,357		51,183			51,407		51,310
Effect of outstanding share-based awards	614		—			775		—
Weighted average number of shares for diluted net income per common share	51,971		51,183			52,182		51,310
Basic earnings (loss) per share	$	0.61	$	(0.29	)	$	0.80	$	(0.73	)
Diluted earnings (loss) per share	$	0.61	$	(0.29	)	$	0.79	$	(0.73	)