Weighted Average Shares Outstanding and Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Weighted Average Shares Outstanding and Earnings Per Share

A reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income (loss) per share in the accompanying condensed consolidated statements of operations is as follows (in thousands):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2014	2013	2014	2013
Weighted average shares outstanding:
Weighted average common stock outstanding	39,150	38,876	39,073	38,773
Total basic weighted average shares outstanding	39,150	38,876	39,073	38,773
Diluted weighted average shares outstanding:
Weighted average common stock outstanding, basic	39,150	38,876	39,073	38,773
Effect of dilutive securities:
Common stock options and restricted stock units1	663	883	717	—
Total weighted average shares outstanding assuming dilution	39,813	39,759	39,790	38,773

¹Due to the net loss for the nine months ended September 30, 2013, restricted stock units and common stock options representing approximately 863,000 shares have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive.

Earnings Per Share

We calculate earnings per share (“EPS”) under the two-class method by allocating earnings to both common shares and unvested restricted stock which are considered participating securities. However, net losses are not allocated to participating securities for purposes of computing EPS under the two-class method. During the three and nine months ended September 30, 2014 and 2013, there were no participating securities; therefore, net income was not allocated to participating securities. Following is a calculation of basic and diluted EPS (in thousands, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013 As Revised		2014		2013 As Revised
Basic
Numerator:
Net income (loss) allocated to common shareholders for basic calculation	$	15,282	$	13,037	$	8,370	$	(7,526	)
Denominator:
Weighted average common shares outstanding, basic	39,150		38,876		39,073		38,773
Net income (loss) per share, basic	$	0.39	$	0.34	$	0.21	$	(0.19	)
Diluted
Numerator:
Net income (loss) allocated to common shareholders for diluted calculation	$	15,282	$	13,037	$	8,370	$	(7,526	)
Denominator:
Weighted average common shares outstanding, diluted	39,813		39,759		39,790		38,773
Net income (loss) per share, diluted	$	0.38	$	0.33	$	0.21	$	(0.19	)