Net Income per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Net Income per Share

Net Income (Loss) 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. In periods with a net loss, no such adjustment is made to earnings as the holders of the participating securities have no obligation to fund losses.

Due to a net loss in first quarter 2016 and 2015, as the effect of potentially dilutive securities would be anti-dilutive, basic and diluted loss per share are the same. The computations of basic and diluted earnings per share are as follows:

	First Quarter
	2016			2015
	(In thousands)
Numerator:
Consolidated net income (loss)	$	(4,296	)	$	(8,237	)
Less: Net (income) loss attributable to noncontrolling interest	(80		)	79
Earnings (loss) available for diluted earnings per share	$	(4,376	)	$	(8,158	)
Less: Undistributed net income allocated to participating securities	—			—
Earnings (loss) available to common shareholders for basic earnings per share	$	(4,376	)	$	(8,158	)
Denominator:
Weighted average common shares outstanding — basic	34,302			34,168
Weighted average common shares upon conversion of participating securities	—			—
Dilutive effect of stock options, restricted stock and equity-settled awards	—			—
Total weighted average shares outstanding — diluted	34,302			34,168
Anti-dilutive awards excluded from diluted weighted average shares	10,468			10,743

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 first quarter2016 did not exceed the conversion price which resulted in no additional diluted outstanding shares.