Earnings Per Share

3 Months Ended

Mar. 31, 2016

EARNINGS PER SHARE

Basic earnings per share attributable to common stockholders is computed by dividing net earnings available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders reflects the potential dilution that could occur if the Company’s dilutive outstanding stock options or nonvested shares were exercised or vested, the contingently issuable shares were issued and the Company’s convertible debt was converted. The Company currently has only one class of shares of capital stock outstanding.

No adjustment was made to reported net loss attributable to common stockholders when calculating diluted loss per share attributable to common stockholders at March 31, 2016 because the effect would have been anti-dilutive. There was no effect of outstanding nonvested shares on diluted weighted average shares outstanding for the three months ended March 31, 2016 because the Company reported a consolidated net loss attributable to common stockholders and inclusion of these shares would have been anti-dilutive. Potential dilutive common shares include those associated with outstanding stock options, restricted stock units, performance shares and convertible debentures.

The following table shows the shares that were excluded from the computation of diluted earnings per share, for the three months ended March 31, 2016 and 2015:



	Three Months Ended
	March 31,
(In thousands)	2016	2015
Stock options	1	—
Nonvested shares	309	—
Contingently issuable	255	160
1.875% Convertible debentures, net of tax	22	—
1.75% Convertible debentures, net of tax	30,413	—

In calculating earnings per share attributable to common stockholders for the three months ended March 31, 2015, reported consolidated net income attributable to common stockholders was adjusted for interest expense, net of capitalized interest (including amortization expense of deferred debt fees), a related income tax effect and the loss attributable to the noncontrolling interest in computing basic and diluted earnings per share attributable to common stockholders.

Reconciliations showing the computation of basic and diluted shares and the related impact on income for the three months ended March 31, 2015, is provided in the following table:



	Three Months Ended
	March 31, 2015
(In thousands, except per share amounts)	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share Amount
Basic EPS
Net income attributable to common stockholders	$	23,003	120,521	$	0.19
Effect of Dilutive Securities
Stock options	—		3
Nonvested shares	—		31
Contingently issuable shares	—		154
1.875% Convertible debentures, net of tax	—		95
1.75% Convertible debentures, net of tax	4,424		36,003
Diluted EPS
Net income attributable to common stockholders and assumed conversions	$	27,427	156,807	$	0.17