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Earnings Per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
COMMON STOCK AND EARNINGS PER SHARE
Earnings per Share
The calculation of basic and diluted earnings per common share follows (in thousands, except per share amounts):
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2016
 
2015
 
2016
 
2015
Numerator:
 
 
 
 
 
 
 
Earnings from continuing operations - basic
$
11,528

 
$
10,570

 
$
19,699

 
$
19,465

Gain from stock warrants, net of tax
(3,664
)
 
—

 
(3,405
)
 
—

Earnings from continuing operations - diluted
$
7,864

 
$
10,570

 
$
16,294

 
$
19,465

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted-average shares outstanding - basic
63,267

 
64,541

 
63,452

 
64,498

Common equivalent shares:
 
 
 
 
 
 
 
Effect of stock-based compensation awards
861

 
930

 
835

 
906

Effect of stock warrants
2,635

 
—

 
1,623

 
—

Weighted-average shares outstanding - diluted
66,763

 
65,471

 
65,910

 
65,404

 
 
 
 
 
 
 
 
Basic earnings per share from continuing operations
$
0.18

 
$
0.16

 
$
0.31

 
$
0.30

Diluted earnings per share from continuing operations
$
0.12

 
$
0.16

 
$
0.25

 
$
0.30


The determination of diluted earnings per share in accordance with GAAP requires the inclusion, in the numerator, of the fair value re-measurement of the stock warrants recorded as a liability. The dilutive effect of the stock warrants on the weighted-average shares outstanding was calculated using the treasury stock method. Under this method, the number of diluted shares is determined by dividing the assumed proceeds of the warrants by the average stock price during the period and comparing that amount with the number of warrants outstanding. The assumed proceeds are determined by multiplying the number of shares underlying the warrants by the strike price. The number of equivalent shares that were not included in weighted average shares outstanding assuming dilution, because their effect would have been anti-dilutive, was none and none at June 30, 2016 and 2015, respectively. The underlying warrants as of June 30, 2016, could result in 9.8 million additional outstanding shares of the Company’s common stock if the warrants are settled by tendering cash.
Purchase of Common Stock
The Company's Board of Directors has authorized management to repurchase outstanding common stock of the Company from time to time on the open market or in privately negotiated transactions. The authorization does not require the Company to repurchase a specific number of shares and the Company may terminate the repurchase program at any time. Upon the retirement of common stock repurchased, the excess purchase price over the par value for retired shares of common stock is recorded to additional paid-in-capital.
On July 5, 2016 the Company purchased 3,825,554 shares of the Company's common stock from its largest shareholder, Red Mountain Partners, L.P., a fund that is affiliated with Red Mountain Capital Partners, LLC (“Red Mountain”), a related party, for an aggregate purchase price of $50.0 million. The purchase price was previously negotiated based on the closing price of the shares on June 20, 2016. The purchase price of $13.07 per share represents a large block discount of 2.5% and 6.2%, respectively, from the volume-weighted average prices of $13.41 for the 10 trading days and $13.93 for the 60 trading days prior to June 20, 2016.