Stockholders' Equity

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

Stockholders' Equity

7. STOCKHOLDERS’ EQUITY

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013		2012
Numerator:
Net income (loss) available to common shareholders	$	(15,298	)	$	(14,312	)	$	19,495	$	6,339
Denominator:
Basic weighted average shares outstanding		16,830,106			16,677,159			16,886,355		15,910,300
Effect of dilutive securities:
SARs and options		—			—			283,095		421,539
Convertible notes		—			—			—		643,978
Restricted stock		—			—			84,005		35,889
Diluted weighted average shares outstanding		16,830,106			16,677,159			17,253,455		17,011,706
Basic earnings (loss) per share	$	(0.91	)	$	(0.86	)	$	1.15	$	0.40
Diluted earnings (loss) per share	$	(0.91	)	$	(0.86	)	$	1.13	$	0.37

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Restricted stock and stock options		203,951		342,342		17,310		126,342
Stock appreciation rights		57,895		941,914		48,770		161,608

Stock Repurchase Program

On August 1, 2013, the Company’s Board of Directors authorized the repurchase of up to $25 million of the Company’s outstanding common stock over a six-month period. During the three months ended September 30, 2013, the Company repurchased 561,255 shares for $25.0 million at an average price of $44.54 per share, which completed the authorization under the August 2013 stock repurchase program.