Stockholders' Equity

9 Months Ended

Sep. 30, 2015

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,
	2015	2014	2015	2014
Computation of diluted weighted average shares outstanding:
Basic weighted average shares outstanding	52,617,245	52,512,474	52,075,388	51,658,823
Incremental shares from assumed exercise of stock options and vesting of restricted stock	1,784,106	2,107,319	1,725,448	2,081,328
Incremental shares from assumed conversion of convertible notes	143,412	—	143,412	—
Diluted weighted average shares outstanding	54,544,763	54,619,793	53,944,248	53,740,151

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, 2015 and 2014. 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 578,000 and 614,000 for the three and nine months ended September 30, 2015, respectively, and approximately 693,000 and 695,000 for the three and nine months ended September 30, 2014, respectively.

During the nine months ended September 30, 2015, the Company had convertible notes outstanding that, if converted, would have had a potentially dilutive effect on its common stock. At issuance, the Company stated its intent to settle any conversion of these notes by paying cash for the principal value and issuing common stock for any conversion value in excess of the principal value. As of September 30, 2015, and currently, the Company maintains the intent and ability to settle any conversion as stated. Accordingly, the convertible notes would only have a dilutive effect if the market price per share of common stock exceeds the conversion price per share of common stock, which it did as of September 30, 2015. Therefore, according to Accounting Standards Codification ("ASC") Topic 260, Earnings per Share, these notes were dilutive to earnings per share for the three and nine months ended September 30, 2015. See Note 7, Debt Obligations, for more information about the convertible notes.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists entirely of foreign currency translation adjustments. The Company recorded foreign currency translation losses of $20.3 million and $55.3 million for the three and nine months ended September 30, 2015, respectively, and $61.6 million and $54.2 million for the three and nine months ended September 30, 2014, respectively. During the three months ended September 30, 2015, the Company liquidated a small subsidiary which resulted in a $0.1 million reclassification of foreign currency translation losses into the consolidated statements of income for the three and nine months ended September 30, 2015. There were no reclassifications of foreign currency translation into the consolidated statements of income for the three and nine months ended September 30, 2014.