Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2015

Basic earnings (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding combined with dilutive common share equivalents outstanding, if the effect is dilutive.

Potentially dilutive securities were excluded from the calculation of diluted earnings (loss) per share for the three and six months ended June 30, 2015, since including them would have an anti-dilutive effect on earnings (loss) per share due to the net loss incurred during the period. Securities convertible into shares of common stock that were not considered in the diluted earnings (loss) per share calculation were 0.8 million stock options and 0.4 million restricted stock units for the three months ended June 30, 2015, and were 0.8 million stock options and 0.4 million restricted stock units for the six months ended June 30, 2015.

Basic and diluted earnings (loss) per common share are as follows (in thousands, except per share data):



	Three months ended June 30,					Six months ended June 30,
	2015			2014		2015			2014
Net income (loss) - Basic and Diluted	$	(12,547	)	$	11,041	$	(14,062	)	$	23,058

Weighted average common shares outstanding - Basic	54,264			54,645		54,356			54,299
Assumed conversions:
Incremental common shares from warrants	—			—		—			243
Incremental common shares from stock options	—			878		—			916
Incremental common shares from restricted stock units	—			10		—			15
Weighted average common shares outstanding - Diluted	54,264			55,533		54,356			55,473

Basic earnings (loss) per common share	$	(0.23	)	$	0.20	$	(0.26	)	$	0.42
Diluted earnings (loss) per common share	$	(0.23	)	$	0.20	$	(0.26	)	$	0.42