Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the numerator is increased to exclude charges that would not have been incurred, and the denominator is increased to include the number of additional common shares that would have been outstanding (using the if-converted and treasury stock methods), if securities containing potentially dilutive common shares (stock options and restricted stock units) had been converted to common shares, and if such assumed conversion is dilutive.

The following is a reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted earnings per share for the years ended December 31, 2014, 2013, and 2012 (in thousands, except per share data):

	Years Ended December 31,
	2014		2013		2012
Net Income (loss)	$	46,982	$	32,086	$	20,176
Basic weighted-average common shares outstanding	40,420		39,597		38,879
Assumed exercise of dilutive stock options and restricted stock units	614		1,070		568
Diluted weighted-average common shares outstanding	41,034		40,667		39,447
Net Income (loss):
Basic earnings (loss) per share	$	1.16	$	0.81	$	0.52
Diluted earnings (loss) per share	$	1.14	$	0.79	$	0.51

The following stock options and restricted units were excluded in the computation of diluted earnings per share because they were anti-dilutive:

	Years Ended December 31,
	2014	2013	2012
Stock options	91	413	4,960

Stock Buyback

In October 2012, our Board of Directors authorized a program to repurchase up to $25.0 million of our common stock over a twelve-month period. We did not repurchase any shares under this program, which ended in the fourth quarter of 2013.

In May 2014, our Board of Directors authorized a program to repurchase up to $25.0 million of our stock over a twelve-month period. Under this program, during the twelve months ended December 31, 2014, we repurchased and retired 1.4 million shares of our common stock for a total of $25.0 million. We completed the share repurchase program in the second quarter of 2014.

All shares repurchased were executed in the open market and no shares were repurchased from related parties. Repurchased shares were retired and assumed the status of authorized and unissued shares.