Earnings Per Share

6 Months Ended

Jun. 30, 2015

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 (e.g., 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 EPS (in thousands, except per share data):



	Three Months Ended June 30,					Six Months Ended June 30,
	2015			2014		2015			2014
Net Income	$	(232,460	)	$	10,646	$	(211,183	)	$	25,361

Basic weighted-average common shares outstanding	40,946			40,540		40,843			40,677
Assumed exercise of dilutive stock options and restricted stock units	—			607		—			742
Diluted weighted-average common shares outstanding	40,946			41,147		40,843			41,419

Basic earnings per share	$	(5.68	)	$	0.26	$	(5.17	)	$	0.62
Diluted earnings per share	$	(5.68	)	$	0.26	$	(5.17	)	$	0.61

The following stock options were excluded in the computation of diluted earnings per share because they were anti-dilutive (in thousands):



	Three Months Ended June 30,		Six Months Ended June 30,
	2015	2014	2015	2014
Stock options	476	79	488	52

Of the shares listed above, incremental shares of 306,976 and 348,219 attributable to the assumed exercise of outstanding options and restricted stock units with exercise prices that were lower than the average price of our stock were not included in the calculation of diluted loss per share for the three and six months ended June 30, 2015, respectively, as their effect would have been anti-dilutive due to the loss in the period.

Stock Buyback

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 three and six months ended June 30, 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 as of June 30, 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.