Stockholders' Equity

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

Earnings Per Share

Basic earnings per share has been computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted earnings per share has been computed by dividing earnings available to common stockholders by the weighted average shares outstanding during the respective period, after adjusting for any potential dilution of options to purchase the Company's common stock, assumed vesting of restricted stock and the assumed conversion of the Company’s convertible debentures. The following table provides the computation of diluted weighted average number of common shares outstanding:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2014	2013	2014	2013
Computation of diluted weighted average shares outstanding:
Basic weighted average shares outstanding	52,512,474	50,093,786	51,658,823	49,829,379
Incremental shares from assumed exercise of stock options and vesting of restricted stock	2,107,319	2,025,802	2,081,328	1,664,274
Incremental shares from assumed conversion of convertible debentures	—	80,884	—	85,991
Diluted weighted average shares outstanding	54,619,793	52,200,472	53,740,151	51,579,644

The table includes the impact of all stock options and restricted stock that are dilutive to the Company’s weighted average common shares outstanding during the three and nine months ended September 30, 2014 and 2013. The calculation of diluted earnings per share excludes stock options or shares of restricted stock that are anti-dilutive to the Company’s weighted average common shares outstanding of approximately 693,000 and 695,000 for the three and nine months ended September 30, 2014, respectively, and approximately 528,000 and 1,029,000 for the three and nine months ended September 30, 2013, respectively.

During the three and nine months ended September 30, 2013, the Company had convertible debentures outstanding that, if converted, would have had a potentially dilutive effect on the Company’s common stock. In September 2013, the Company repurchased at par the remaining $3.6 million of principal amount of the convertible debentures outstanding. As required by Accounting Standards Codification ("ASC") Topic 260, Earnings per Share, if dilutive, the impact of the contingently issuable common shares must be included in the calculation of diluted earnings per share under the “if-converted” method, regardless of whether the conditions upon which the debentures would be convertible into shares of the Company’s common stock have been met. Under the if-converted method, the dilutive effect of the assumed conversion of the debentures was 80,884 shares and 85,991 shares for the three and nine months ended September 30, 2013, respectively.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists entirely of foreign currency translation adjustments. The Company recorded a foreign currency translation loss of $61.6 million and $54.2 million for the three and nine months ended September 30, 2014, respectively, and a foreign currency translation gain of $22.1 million and a loss of $6.0 million for the three and nine months ended September 30, 2013, respectively. For the three and nine months ended September 30, 2013, the Company reclassified $0.3 million of foreign currency translation into the consolidated statements of income. There were no reclassifications of foreign currency translation into the consolidated statements of income for the three and nine months ended September 30, 2014.