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Earnings Per Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net income, adjusted for the effect of assumed conversion of convertible notes, by the weighted average number of common shares outstanding combined with dilutive common share equivalents outstanding, if the effect is dilutive.
In connection with the sale of the 2008 Notes, the Company entered into a Share Lending Agreement for 3.8 million shares of the Company’s common stock (see Note 10). Contractual undertakings of the Borrower had the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of the Borrowed Shares, and all shares outstanding under the Share Lending Agreement were contractually obligated to be returned to the Company. As a result, shares loaned under the Share Lending Agreement were not considered outstanding for the purpose of computing and reporting earnings per common share. The Share Lending Agreement was terminated on January 22, 2013 upon the return of all Borrowed Shares to the Company.
On February 15, 2013, the Company repurchased the remaining $5.2 million of outstanding 2008 Notes for cash. Following this repurchase, the Company no longer has any outstanding convertible senior notes. For the year ended December 31, 2013, the Company's convertible notes were excluded from the calculation of diluted earnings per common share as inclusion was anti-dilutive. In addition, for the years ended December 31, 2013 and 2012, approximately 0.1 million stock options with an exercise price in excess of the average market price of the Company’s common stock were excluded from the calculation of diluted earnings per common share.
Basic and diluted earnings per common share are as follows (in thousands, except per share data):
 
Year ended December 31,
 
2014
 
2013
 
2012
Net income attributable to common stockholders - Basic
$
53,603

 
$
36,178

 
$
49,791

Impact of assumed conversions:
 
 
 
 
 
Interest on convertible notes
—

 
—

 
1,959

Net income attributable to common stockholders - Diluted
$
53,603

 
$
36,178

 
$
51,750

 
 
 
 
 
 
Weighted average common shares outstanding - Basic
54,511

 
51,346

 
48,185

Assumed conversions:
 
 
 
 
 
Incremental common shares from warrants
121

 
1,355

 
1,560

Incremental common shares from stock options
880

 
1,133

 
992

Incremental common shares from restricted stock units
14

 
7

 
116

Incremental common shares from convertible senior notes
—

 
—

 
2,701

Weighted average common shares outstanding - Diluted
55,526

 
53,841

 
53,554

 
 
 
 
 
 
Basic earnings per common share
$
0.98

 
$
0.70

 
$
1.03

Diluted earnings per common share
$
0.97

 
$
0.67

 
$
0.97