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Net Income per Share
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Net Income per Share
Net Income per Share
Basic and diluted earnings per share is computed using the two-class method. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security. We have determined that our 6.00% tangible equity units (Units) are participating securities. Per share amounts are computed by dividing earnings available to common shareholders by the weighted average shares outstanding during each period.
The computations of basic and diluted earnings per share are as follows:
 
Second Quarter
 
First Six Months
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
Numerator:
 
 
 
 
 
 
 
Consolidated net income
$
14,748

 
$
1,198

 
$
23,755

 
$
6,240

Less: Net loss (income) attributable to noncontrolling interest
74

 
(657
)
 
(599
)
 
(1,748
)
Earnings available for diluted earnings per share
$
14,822

 
$
541

 
$
23,156

 
$
4,492

Less: Undistributed net income allocated to participating securities
(2,689
)
 
—

 
(4,205
)
 
—

Earnings available to common shareholders for basic earnings per share
$
12,133

 
$
541

 
$
18,951

 
$
4,492

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding — basic
35,458

 
35,351

 
35,407

 
35,305

Weighted average common shares upon conversion of participating securities (a)
7,857

 
—

 
7,857

 
—

Dilutive effect of stock options, restricted stock and equity-settled awards
373

 
701

 
426

 
629

Total weighted average shares outstanding — diluted
43,688

 
36,052

 
43,690

 
35,934

Anti-dilutive awards excluded from diluted weighted average shares
2,503

 
1,854

 
2,277

 
1,837

_____________________
(a) 
Our earnings per share calculation reflects the weighted average shares issuable upon settlement of the prepaid stock purchase contract component of our 6.00% tangible equity units, issued November 27, 2013.
The actual number of shares we may issue upon settlement of the stock purchase contract will be between 6,547,800 shares (the minimum settlement rate) and 7,857,000 shares (the maximum settlement rate) based on the applicable market value, as defined in the purchase contract agreement associated with issuance of the Units.
We intend to settle the principal amount of our convertible senior notes (Convertible Notes) in cash upon conversion with only the amount in excess of par value of the Convertible Notes to be settled in shares of our common stock. Therefore, our calculation of diluted net income per share using the treasury stock method includes only the amount, if any, in excess of par value of the Convertible Notes. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the $24.49 conversion price of the Convertible Notes. The average price of our common stock in second quarter 2014 did not exceed the conversion price which resulted in no additional diluted outstanding shares.