Earnings (Loss) per Common Share

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Earnings (Loss) per Common Share

Note 6. Earnings (Loss) per Common Share

Earnings (loss) per common share—basic, is computed by dividing net income allocable to common shareholders (net income less preferred stock dividends) by the weighted-average number of common shares outstanding for the period.

Earnings (loss) per common share—diluted, is computed by dividing net income allocable to common shareholders by the weighted-average number of common shares—diluted. Dilutive securities are included in the calculation of diluted earnings per common share using the treasury stock method and the if-converted method in accordance with ASC Topic 260, “Earnings per Share.” Dilutive securities include the common stock equivalents of convertible preferred stock and convertible notes, options granted pursuant to the Company’s stock option plans and outstanding restricted stock units and performance share units granted to employees and non-employee directors (see Note 15). There were no outstanding shares of the preferred stock at December 31, 2014 and 2013 (see Note 5).

Weighted-average common shares outstanding—diluted is the same as weighted-average common shares outstanding—basic in periods when a net loss is reported or in periods when diluted earnings per share is higher than basic earnings per share.

The following table summarizes the computation of basic and diluted earnings (loss) per share:

	Years Ended December 31,
	2014		2013			2012
	(In thousands, except per share data)
Earnings (loss) per common share—basic
Net income (loss)	$	16,008	$	(18,921	)	$	(122,946	)
Less: Preferred stock dividends	—		3,332			8,447
Net income (loss) allocable to common shareholders	$	16,008	$	(22,253	)	$	(131,393	)
Weighted-average common shares outstanding—basic	77,559		72,809			67,061
Basic earnings (loss) per common share	$	0.21	$	(0.31	)	$	(1.96	)
Earnings (loss) per common share—diluted
Net income (loss)	$	16,008	$	(18,921	)	$	(122,946	)
Less: Preferred stock dividends	—		3,332			8,447
Net income (loss) allocable to common shareholders	$	16,008	$	(22,253	)	$	(131,393	)
Weighted-average common shares outstanding—basic	77,559		72,809			67,061
Options and restricted stock	826		—			—
Weighted-average common shares outstanding—diluted	78,385		72,809			67,061
Dilutive earnings (loss) per common share	$	0.20	$	(0.31	)	$	(1.96	)

Earnings (loss) per share—diluted, reflects the potential dilution that could occur if convertible securities, or other contracts to issue common stock, were exercised or converted into common stock. Options with an exercise price in excess of the average market value of the Company's common stock during the period have been excluded from the calculation as their effect would be antidilutive.

Antidilutive securities excluded from the earnings per share computation are summarized as follows:

• For the year ended December 31, 2014, securities outstanding totaling approximately 16,000,000, including common shares underlying convertible senior notes of 15,000,000, in addition to anti-dilutive options and restricted stock.

• For the year ended December 31, 2013, securities outstanding totaling approximately 25,029,000, including common shares underlying preferred stock of 4,293,000, and common shares underlying convertible senior notes of 15,000,000, in addition to antidilutive options and restricted stock.

• For the year ended December 31, 2012, securities outstanding totaling approximately 27,844,000, including common shares underlying preferred stock of 15,124,000, and common shares underlying convertible senior notes of 5,100,000, in addition to antidilutive options and restricted stock.