Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (Loss) Per Share

Basic earnings (loss) per share (“EPS”) is based on the weighted average number of common shares outstanding during each period. Diluted EPS is based on the weighted average number of common shares outstanding and the effect of all dilutive common stock equivalents outstanding during each period. Stock option conversions and stock units were not included in the computation of diluted loss per share for each of the three and nine months ended September 30, 2014, as we incurred a loss from continuing operations for these periods and any effect on loss per share would have been anti-dilutive. The following table reconciles the numerators and denominators used in the computations of both basic and diluted EPS:

	Three Months Ended September 30					Nine Months Ended September 30
	2014			2013		2014			2013
	(In thousands, except share data)
Basic earnings (loss) per share computation:
Numerator:
Income (loss) from continuing operations	$	(15,136	)	$	415,518	$	(25,891	)	$	362,721
Denominator:
Average common shares	93,797,183			94,164,101		93,916,848			93,533,631
Basic earnings (loss) per share from continuing operations	$	(0.16	)	$	4.41	$	(0.28	)	$	3.88
Diluted earnings (loss) per share computation:
Numerator:
Income (loss) from continuing operations	$	(15,136	)	$	415,518	$	(25,891	)	$	362,721
Denominator:
Average common shares — basic	93,797,183			94,164,101		93,916,848			93,533,631
Stock option conversion(1)	—			805,976		—			712,038
Stock units(2)	—			367,687		—			331,455
Average common shares — diluted	93,797,183			95,337,764		93,916,848			94,577,124
Diluted earnings (loss) per share from continuing operations	$	(0.16	)	$	4.35	$	(0.28	)	$	3.84
(1) Anti-dilutive common shares excluded	3,421,121			2,949,208		3,638,658			3,758,723
(2) Anti-dilutive stock units excluded	267,771			8,704		306,176			7,949