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Net Income per Share
 12 Months Ended
Dec. 31, 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 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:
 
For the Year
 
2014
 
2013
 
2012
 
(In thousands)
Numerator:
 
 
 
 
 
Consolidated net income
$
17,088

 
$
35,061

 
$
17,876

Less: Net income attributable to noncontrolling interest
(505
)
 
(5,740
)
 
(4,934
)
Earnings available for diluted earnings per share
$
16,583

 
$
29,321

 
$
12,942

Less: Undistributed net income allocated to participating securities
(3,018
)
 
(585
)
 
—

Earnings available to common shareholders for basic earnings per share
$
13,565

 
$
28,736

 
$
12,942

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Weighted average common shares outstanding — basic
35,317

 
35,365

 
35,214

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

 
835

 
—

Dilutive effect of stock options, restricted stock and equity-settled awards
422

 
613

 
268

Total weighted average shares outstanding — diluted
43,596

 
36,813

 
35,482

Anti-dilutive awards excluded from diluted weighted average shares outstanding
2,238

 
1,803

 
2,713


 _____________________
(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 the Convertible Notes in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Convertible Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the conversion price of the Convertible Notes of $24.49. The average price of our common stock in 2014 did not exceed the conversion price which resulted in no additional diluted outstanding shares.