Earnings Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

9. Earnings Per Share

Basic earnings (loss) per share is computed on the basis of weighted average outstanding common shares. Diluted earnings (loss) per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options and other outstanding dilutive securities.

The following table reconciles the average share amounts used to compute both basic and diluted earnings (loss) per share (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Weighted average shares outstanding:
Basic weighted average shares outstanding		113,907		119,505		114,663		118,781
Add: Dilutive effect of stock options and restricted stock awards		2,070		1,997		2,149		—
Diluted weighted average shares outstanding		115,977		121,502		116,812		118,781

The diluted earnings per share computation excludes 3.2 million options to purchase shares, restricted share awards, and contingently issuable shares during the three and six months ended June 30, 2014 as their effect would be anti-dilutive. The diluted earnings (loss) per share computation excludes 4.9 million and 11.2 million options to purchase shares, restricted share awards, and contingently issuable shares during the three and six months ended June 30, 2013, respectively, as their effect would be anti-dilutive

Common stock outstanding as of June 30, 2014 and December 31, 2013 was 114,083,694 and 116,564,967, respectively.