Earnings per Share

3 Months Ended

Mar. 31, 2015

Earnings per Share

Earnings per Share

10.  Earnings per Share

Basic income (loss) per common share is determined by dividing income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted income (loss) per share is computed by dividing the income (loss) attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants, SARs, potential ESPP awards and warrants, and the if-converted method is used to determine the dilutive effect of the Company’s Notes.  The assumed conversion of the Notes would result in a loss on extinguishment which would cause a net loss in 2015; thus, the effect would be anti-dilutive.  The following common stock equivalents were excluded in the calculation of diluted income (loss) per share because their effect would be anti-dilutive as applied to the income (loss) from continuing operations applicable to common stockholders for the three months ended March 31, 2015 and 2014:

	Three Months ended March 31,
	2015	2014
	(unaudited)
Shares underlying Convertible Senior Secured Notes	6,071,894	7,556,001
Warrants to purchase common stock	21,800	21,273
Stock options, stock appreciation rights, non-vested stock options, and ESPP awards	—	356,364

The following table sets forth the computation of basic and diluted net income per share for the three months ended March 31, 2015 and 2014, in thousands, except share and per share amounts:

	Three Months ended March 31,
	2015		2014
	(unaudited)
Numerator, in thousands:
Net income (loss) used for calculation of basic and diluted EPS	$	917	$	(15,543	)
Denominator:
Weighted average shares outstanding, basic	44,563,299		41,129,055
Stock options, stock appreciation rights, non-vested stock options, and ESPP awards	337,999		—
Total potential dilutive common shares	337,999		—
Weighted average shares outstanding, diluted	44,901,298		41,129,055
Net income (loss) per share, basic	$	0.02	$	(0.38	)
Net income (loss) per share, diluted	$	0.02	$	(0.38	)