Earnings per share

6 Months Ended

Jun. 30, 2013

Earnings per share

Note 13. Earnings per share:

Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Because of their anti-dilutive effect, 1,234,369 and 2,384,603 common share equivalents, comprised of restricted stock and unexercised stock options, have been excluded from the calculation of diluted earnings per share for the periods ended June 30, 2013 and 2012, respectively.

The table below presents the computation of basic and diluted earnings per share for the three and six months ended June 30, 2013 and 2012:

	Three months ended June 30,					Six months ended June 30,
	2013		2012			2013		2012
Basic and dilutive numerator:
Net income (loss), as reported	$	13,370	$	(4,716	)	$	23,208	$	(13,005	)
Denominator:
Weighted-average common shares outstanding—basic (in thousands)		28,163		27,936			28,149		27,925
Net effect of dilutive securities:
Stock options and restricted stock		665		—			623		—
Weighted-average common shares outstanding—diluted (in thousands)		28,828		27,936			28,772		27,925
Net income (loss) per common share (basic)	$	0.47	$	(0.17	)	$	0.82	$	(0.47	)
Net income (loss) per common share (diluted)	$	0.46	$	(0.17	)	$	0.81	$	(0.47	)