EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2015

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 9. EARNINGS PER SHARE

Earnings per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method):

	Three Months Ended March 31,
(In thousands, except per share data)	2015		2014
Net income/(loss)	$	8,759	$	(1,106	)
Average number of common shares issued	26,525		26,525
Less: average number of treasury shares	1,295		1,425
Less: average number of unvested stock award shares	427		402
Average number of basic common shares outstanding	24,803		24,698
Plus: dilutive effect of unvested stock award shares	89		—
Plus: dilutive effect of stock options outstanding	63		—
Average number of diluted common shares outstanding	24,955		24,698
Earnings per share:
Basic	$	0.35	$	(0.04	)
Diluted	$	0.35	$	(0.04	)

For the three months ended March 31, 2015, 338 thousand shares of restricted stock and 210 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations.  For the three months ended March 31, 2014, 335 thousand shares of restricted stock and 321 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations.