Earnings Per Share

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2014

Jun. 30, 2014

Sep. 30, 2014

Dec. 31, 2014

Earnings Per Share

7. Earnings Per Share

Basic earnings per share includes no dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect, in periods in which they have a dilutive effect, the effect of restricted stock-based awards and common shares issuable upon exercise of stock options and warrants. The difference between basic and diluted weighted-average common shares results from the assumption that all dilutive stock options outstanding were exercised and all convertible notes have been converted into common stock.

As of March 31, 2014, of the total potentially dilutive shares related to restricted stock-based awards, stock options and warrants, less than 0.1 million were anti-dilutive, compared to 1.4 million as of March 31, 2013.

As of March 31, 2014 and 2013, none of the performance related restricted stock-based awards issued in connection with the Company’s named executive officers were anti-dilutive.

Warrants issued in connection with the Company’s 2.50% Convertible Notes financing were anti-dilutive and therefore not included in this calculation. The 1.50% Convertible Notes and Warrants and the 2.50% Convertible Notes that would be subject to conversion to common stock were dilutive as of March 31, 2014 and therefore have been included in this calculation.

A reconciliation of weighted average shares used in calculating basic and diluted earnings per share follows:

	For the Three Months Ended March 31, (unaudited)
(000’s omitted)	2014		2013
Basic		49,522		64,208
Effect of exercise of stock options		1,117		1,066
Effect of assumed vesting of restricted stock		1,382		1,418
Effect of convertible notes subject to conversion		4,893		—
Effect of convertible notes warrants subject to conversion		1,137		—
Diluted		58,051		66,692

7. Earnings Per Share

Basic earnings per share includes no dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect, in periods in which they have a dilutive effect, the effect of restricted stock-based awards, common shares issuable upon exercise of stock options and warrants and shares underlying convertible notes potentially issuable upon conversion. The difference between basic and diluted weighted-average common shares results from the assumption that all dilutive stock options outstanding were exercised and all convertible notes have been converted into common stock.

As of June 30, 2014, of the total potentially dilutive shares related to restricted stock-based awards, stock options and warrants, none were anti-dilutive, compared to less than 0.1 million as of June 30, 2013.

As of June 30, 2014 and 2013, none of the performance related restricted stock-based awards issued in connection with the Company’s named executive officers were anti-dilutive.

The 1.50% Convertible Notes and Warrants and the 2.50% Convertible Notes and Warrants that would be subject to conversion to common stock were dilutive as of June 30, 2014 and therefore have been included in this calculation.

A reconciliation of weighted average shares used in calculating basic and diluted earnings per share follows:

(000’s omitted)	For the Three Months Ended June 30, (unaudited)				For the Six Months Ended June 30, (unaudited)
	2014		2013		2014		2013
Basic		48,551		56,405		49,034		60,316
Effect of exercise of stock options		1,016		1,145		1,061		1,106
Effect of assumed vesting of restricted stock		1,339		1,444		1,361		1,431
Effect of convertible notes subject to conversion		5,743		—		5,240		—
Effect of convertible notes warrants subject to conversion		1,946		—		1,541		—
Diluted		58,595		58,994		58,237		62,853

7. Earnings Per Share

Basic earnings per share includes no dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect, in periods in which they have a dilutive effect, the effect of restricted stock-based awards, common shares issuable upon exercise of stock options and warrants and shares underlying convertible notes potentially issuable upon conversion. The difference between basic and diluted weighted-average common shares results from the assumption that all dilutive stock options outstanding were exercised and all convertible notes have been converted into common stock.

As of September 30, 2014, of the total potentially dilutive shares related to restricted stock-based awards, stock options and warrants, approximately 0.1 million were anti-dilutive, compared to less than 0.1 million as of September 30, 2013.

As of September 30, 2014 and 2013, none of the performance related restricted stock-based awards issued in connection with the Company’s named executive officers were anti-dilutive.

The 1.50% Convertible Notes and Warrants and the 2.50% Convertible Notes and Warrants that would be subject to conversion to common stock were dilutive as of September 30, 2014 and therefore have been included in this calculation.

A reconciliation of weighted average shares used in calculating basic and diluted earnings per share follows:

(000’s omitted)	For the Three Months Ended September 30, (unaudited)				For the Nine Months Ended September 30, (unaudited)
	2014		2013		2014		2013
Basic		47,991		53,325		48,682		57,966
Effect of exercise of stock options		987		1,158		1,036		1,123
Effect of assumed vesting of performance related to restricted stock-based awards		381		180		127		60
Effect of assumed vesting of restricted stock		1,387		1,489		1,369		1,450
Effect of convertible notes subject to conversion		5,753		1,653		5,411		551
Effect of convertible notes warrants subject to conversion		1,958		—		1,681		—
Diluted		58,457		57,805		58,306		61,150

8. Earnings Per Share

Basic earnings per share includes no dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect, in periods in which they have a dilutive effect, the effect of restricted stock-based awards and common shares issuable upon exercise of stock options and warrants. The difference between basic and diluted weighted-average common shares results from the assumption that all earned stock grants have been issued, dilutive stock options outstanding were exercised and all convertible notes have been converted into common stock.

As of December 31, 2014, of the total potentially dilutive shares related to restricted stock-based awards, stock options and warrants, approximately 0.1 million were anti-dilutive, compared to 0.1 million as of December 31, 2013.

As of December 31, 2014 and 2013, none of the performance related restricted stock-based awards issued in connection with the Company’s named executive officers were anti-dilutive.

As of December 31, 2014, certain performance related restricted stock-based awards were deemed to have met their respective performance targets. As such these performance related restricted stock-based awards are considered earned but not issued, and therefore have been included in this calculation.

For FY 2014, warrants issued in connection with the Company’s 1.50% Convertible Notes financing were dilutive and therefore were included in this calculation. For FY 2014, warrants issued in connection with the Company’s 2.50% Convertible Notes financing were anti-dilutive and therefore were not included in this calculation. For FY 2013, the 1.50% Convertible Notes and the 2.50% Convertible Notes that would be subject to conversion to common stock were dilutive and therefore were included in the calculation.

A reconciliation of weighted average shares used in calculating basic and diluted earnings per share follows:

	FY 2014		FY 2013		FY 2012
Basic		48,431		56,281		69,689
Effect of exercise of stock options		804		1,137		987
Effect of contingent common stock issuance		—		—		36
Effect of assumed vesting of performance related restricted stock-based awards		212		199		—
Effect of assumed vesting of restricted stock		1,354		1,432		1,245
Effect of convertible notes and warrants subject to conversion		6,565		1,685		—
Diluted		57,366		60,734		71,957