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Earnings (Loss) Per Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
Earnings (Loss) Per Share
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share computations shown on the consolidated statements of comprehensive income (loss) (dollars in thousands):
 
 
For the Three Months 
 Ended March 31,
 
 
2015
 
2014
Basic earnings (loss) per share
 
 
 
 
Net income (loss)
 
$
(31,008
)
 
$
17,377

Less: Net income allocated to unvested participating securities
 
—

 
(133
)
Net income (loss) available to common stockholders (numerator)
 
$
(31,008
)
 
$
17,244

Weighted-average common shares outstanding (denominator)
 
37,718

 
37,429

Basic earnings (loss) per share
 
$
(0.82
)
 
$
0.46

 
 
 
 
 
Diluted earnings (loss) per share
 
 
 
 
Net income (loss)
 
$
(31,008
)
 
$
17,377

Less: Net income allocated to unvested participating securities
 
—

 
(131
)
Net income (loss) available to common stockholders (numerator)
 
$
(31,008
)
 
$
17,246

Weighted-average common shares outstanding
 
37,718

 
37,429

Add: Effect of dilutive stock options, non-participating securities, and convertible notes
 
—

 
576

Diluted weighted-average common shares outstanding (denominator)
 
37,718

 
38,005

Diluted earnings (loss) per share
 
$
(0.82
)
 
$
0.45


A portion of the Company’s unvested RSUs are considered participating securities. During periods of net income, the calculation of earnings per share for common stock is adjusted to exclude the income attributable to the participating securities from the numerator and exclude the dilutive impact of those shares from the denominator. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.
The calculation of diluted earnings (loss) per share does not include 7.4 million and 5.9 million shares for the three months ended March 31, 2015 and 2014, respectively, because their effect would have been antidilutive. The Convertible Notes are antidilutive when calculating earnings (loss) per share when the Company's average stock price is less than $58.80. Upon conversion of the Convertible Notes, the Company may pay or deliver, at its option, cash, shares of the Company’s common stock, or a combination of cash and shares of common stock. It is the Company’s intent to settle all conversions through combination settlement, which involves payment of an amount of cash equal to the principal amount and any excess of conversion value over the principal amount in shares of common stock.