Earnings Per Share

9 Months Ended

Sep. 30, 2015

17. Earnings (Loss) per Share

Dilutive potential shares of common stock may include restricted stock and units, options, and performance units issued under our Long Term Incentive Plan (“LTIP”). We apply the treasury stock method to determine dilution from restricted stock and units, options, and performance units.

The following table summarizes the calculation of diluted earnings (loss) per share (in thousands, except per share amounts):

			Three Months Ended				Nine Months Ended
			September 30,				September 30,
			2015		2014		2015		2014
Numerator for calculation of diluted earnings (loss) per share:
		Net income (loss)	$	8,873	$	91,069	$	(48,704)	$	73,295
Denominator for basic income (loss) per share – weighted-average
	shares outstanding			61,074		60,850		61,013		60,803
Dilutive effect of stock equivalents				277		283		—		394
Denominator for diluted earnings (loss) per share				61,351		61,133		61,013		61,197
Diluted earnings (loss) per share			$	0.14	$	1.49	$	(0.80)	$	1.20

For the periods presented, the following items were excluded from the diluted earnings (loss) per share calculation because they were anti-dilutive (in thousands):

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014
Anti-dilutive stock equivalents	2,165	1,036	2,071	888