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Loss Per Share
12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Loss Per Share

3. Loss Per Share

Basic loss per share is based upon the average number of shares of common stock outstanding during the period. Potentially dilutive securities are stock options and restricted stock, discussed in Notes 1 and 18, which are handled in per-share calculations using the treasury-stock method, and convertible notes as discussed in Note 12, which are handled using the “if converted” method.  

In 2014, we repurchased the remaining $14,562 of outstanding 4.5% Convertible Senior Notes (“2014 Notes”), after which we had $50,000 of 7.75% Convertible Senior Notes still outstanding. For 2014, 2013, and 2012, shares issuable upon conversion of convertible debt at $10.348 per share were excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive.

Concurrent with the issuance of the 4.5% Convertible Notes, we entered into convertible note hedge and warrant transactions. Because a call option would have been exercised by the company if the warrant exercise price of $12.74 per share had become lower than the market price of our stock, the effect of the convertible note hedge, which expired pro rata as the 2014 Notes were repurchased, was excluded from the calculation of diluted earnings per share for the years ended December 31, 2013 and 2012, as the impact was always considered anti-dilutive. The warrants expire in 2015 and are considered to have no value.

Our two classes of common stock (Class A and B) share equally in dividends declared or accumulated and have equal participation rights in undistributed earnings. Additionally our unvested restricted stock does not contain non-forfeitable rights to dividends and dividend equivalents. As such, unvested shares of restricted stock are not participating securities and our basic and diluted earnings per share are not impacted by the two class method of computing earnings per share.