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Earnings Per Share
3 Months Ended
Mar. 31, 2015
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:

 

     Three Months Ended
March 31,
 
     2015      2014  
     (In thousands, except per share data)  

Income (numerator):

     

Basic:

     

Net income (loss)

   ($ 327,388    $ 25,943   

Net income attributable to participating securities

     —           (537
  

 

 

    

 

 

 

Net income (loss) attributable to common stock—basic

($ 327,388 $ 25,406   
  

 

 

    

 

 

 

Diluted:

Net income (loss)

($ 327,388 $ 25,943   

Net income attributable to participating securities

  —        (537
  

 

 

    

 

 

 

Net income (loss) attributable to common stock—diluted

($ 327,388 $ 25,406   
  

 

 

    

 

 

 

Weighted average shares (denominator):

Weighted average shares—basic

  55,181      49,013   

Dilutive effect of stock options

  —        49   
  

 

 

    

 

 

 

Weighted average shares—diluted

  55,181      49,062   
  

 

 

    

 

 

 

Basic earnings (loss) per share

($ 5.93 $ 0.52   
  

 

 

    

 

 

 

Diluted earnings (loss) per share

($ 5.93 $ 0.52   
  

 

 

    

 

 

 

All outstanding stock options were considered antidilutive during the three months ended March 31, 2015 (approximately 204,000 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 totaled approximately 242,000 shares during the three months ended March 31, 2014.

During the three months ended March 31, 2015 and 2014, approximately 370,000 shares and 333,000 shares of our common stock, respectively, were issued from authorized shares upon the lapsing of forfeiture restrictions of restricted stock by employees and nonemployee directors.

Because it is management’s stated intention to redeem the principal amount of our 1 34% Senior Convertible Notes due 2017 (the “2017 Convertible Notes”) (see Note 4 – Long-Term Debt) in cash, we have used the treasury method for determining dilution in the diluted earnings per share computation. For the three months ended March 31, 2015, there was no dilutive effect on the diluted earnings per share computation because we had a net loss for such period. For the three months ended March 31, 2014, 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 period. For the three months ended March 31, 2015 and 2014, the average price of our common stock was less than the strike price of the Sold Warrants (as defined in Note 4 – Long-Term Debt) and therefore, such warrants were not dilutive for such periods. Based on the terms of the Purchased Call Options (as defined in Note 4 – Long-Term Debt), such call options are antidilutive and therefore, were not included in the calculation of diluted earnings per share.