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Earnings Per Share Reconciliation
 12 Months Ended
Dec. 31, 2013
Earnings Per Share Reconciliation  
Earnings Per Share Reconciliation

Note C: Earnings Per Share Reconciliation

The Company computes earnings per share in accordance with ASC 260, which requires earnings per share for each class of stock to be calculated using the two-class method. The two-class method is the method by which a company allocates earnings or loss between the holders of its common stock and its participating security holders. Under the two-class method, allocation of earnings or loss between common shareholders and other security holders is based on their respective participation rights in dividends and undistributed earnings for the reporting period. All outstanding nonvested shares of restricted stock that contain non-forfeitable rights to dividends are considered participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Company's nonvested shares of restricted stock are considered participating securities in accordance with ASC 260.

The following table displays the computation of basic and diluted earnings per share:

 

   YEAR ENDED DECEMBER 31,   

(in thousands, except share data)

     2013     2012     2011  
   

NUMERATOR

                    

Net income (loss) from continuing operations

   $ 379,099   $ 42,382   $ (29,867 )

Net income (loss) from discontinued operations

     106     (2,000 )   (20,883 )

Less: distributed earnings allocated to nonvested restricted stock

     (13 )   (42 )   –  

Less: undistributed earnings allocated to nonvested restricted stock

     (1,135 )   (313 )   –  
       

Numerator for basic income (loss) per share

     378,057     40,027     (50,750 )
       

Plus: interest on 1.6 percent convertible senior notes due 2018

     2,916     1,829     –  

Plus: interest on 0.25 percent convertible senior notes due 2019

     710     –     –  

Plus: undistributed earnings allocated to nonvested restricted stock

     1,135     313     –  

Less: undistributed earnings reallocated to nonvested restricted stock

     (931 )   (284 )   –  
       

Numerator for diluted income (loss) per share

   $ 381,887   $ 41,885   $ (50,750 )
       

DENOMINATOR

                    

Basic earnings per share—weighted-average shares

     45,966,307     44,761,178     44,357,470  

Effect of dilutive securities:

                    

Share-based payments

     1,031,656     487,443     –  

1.6 percent convertible senior notes due 2018

     7,023,780     4,406,700     –  

0.25 percent convertible senior notes due 2019

     2,198,196     –     –  
       

Diluted earnings per share—adjusted weighted-average shares and assumed conversions

     56,219,939     49,655,321     44,357,470  
       

NET INCOME (LOSS) PER COMMON SHARE

                    

Basic

                    

Continuing operations

   $ 8.22   $ 0.93   $ (0.67 )

Discontinued operations

     0.00     (0.04 )   (0.47 )
       

Total

     8.22     0.89     (1.14 )

Diluted

                    

Continuing operations

     6.79     0.88     (0.67 )

Discontinued operations

     0.00     (0.04 )   (0.47 )
       

Total

   $ 6.79   $ 0.84   $ (1.14 )
   

For the year ended December 31, 2011, the effects of outstanding restricted stock units and stock options, as well as nonvested restricted stock, were not included in the diluted earnings per share calculation as they would have been antidilutive due to the Company's net loss in that year.