EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 2 — EARNINGS PER SHARE:

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods:

	Year Ended December 31,
	2014		2013		2012
Income (numerator):
Basic:
Net income (loss)		($189,543)		$117,634		$149,426
Net income attributable to participating securities		-		(2,817)		(2,984)
Net income (loss) attributable to common stock - basic		($189,543)		$114,817		$146,422
Diluted:
Net income (loss)		($189,543)		$117,634		$149,426
Net income attributable to participating securities		-		(2,815)		(2,982)
Net income (loss) attributable to common stock - diluted		($189,543)		$114,819		$146,444
Weighted average shares (denominator):
Weighted average shares - basic		52,721		48,693		48,319
Dilutive effect of stock options		-		42		42
Weighted average shares - diluted		52,721		48,735		48,361
Basic earnings (loss) per share		($3.60)		$2.36		$3.03
Diluted earnings (loss) per share		($3.60)		$2.36		$3.03

All outstanding stock options were considered antidilutive during the year ended December 31, 2014 (205,000 shares) because we had a net loss for such period. Stock options that were considered antidilutive because the exercise price of the options exceeded the average price of our common stock for the applicable period totaled approximately 242,000 and 347,000 shares during the years ended December 31, 2013 and 2012, respectively.

During the years ended December 31, 2014, 2013 and 2012, approximately 384,000, 358,000 and 316,000 shares of our common stock, respectively, were issued from authorized shares upon the lapsing of forfeiture restrictions of restricted stock and the exercise of stock options by employees and nonemployee directors. In May 2014, 5,750,000 shares of our common stock were issued in a public offering (see Note 3 – Common Stock Offering).

Because it is management’s stated intention to redeem the principal amount of our 2017 Convertible Notes (see Note 11 – Long-Term Debt) in cash, we have used the treasury method for determining dilution in the diluted earnings per share computation. For the year ended December 31, 2014, there was no dilutive effect on the diluted earnings per share computation as we had a net loss for such year. For the years ended December 31, 2013 and 2012, the average price of our common stock was less than the effective conversion price for such notes, resulting in no dilutive effect on the diluted earnings per share computation for such years. For the years ended December 31, 2014, 2013 and 2012, the average price of our common stock was less than the strike price of the Sold Warrants (as defined in Note 11 – Long-Term Debt) and therefore, such warrants were not dilutive for such years. Based on the terms of the Purchased Call Options (as defined in Note 11 – Long-Term Debt), such call options are antidilutive and therefore, were not included in the calculation of diluted earnings per share.