Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

(4)           Earnings Per Share

The Company computes earnings per share in accordance with FASB ASC 260-10. Basic earnings per share (“Basic EPS”) has been computed using the weighted average number of common shares outstanding during each period. Diluted earnings per share ("Diluted EPS") assumes, as of the beginning of the period, exercise of stock options and restricted stock grants using the treasury stock method. Diluted EPS also assumes conversion of performance-based restricted stock units to common shares based on the number of shares (if any) that would be issuable, according to predetermined performance and market goals, if the end of the reporting period was the end of the performance period. Certain of our stock options and restricted stock grants that would potentially dilute Basic EPS in the future were also antidilutive for the three months ended March 31, 2014 and 2013, and are discussed below.

Due to amendments to our stock plan agreement made in May 2013, our earnings per share calculations, including historical periods, have been presented based on the traditional earnings per share calculation methodology instead of the two-class methodology. The effects of this change were immaterial for all historical periods presented.

The following is a reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS for the three months ended March 31, 2014 and 2013 (in thousands, except per share amounts):

	Three Months Ended March 31, 2014					Three Months Ended March 31, 2013
	Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
Basic EPS:
Net Income and Share Amounts	$	5,413	43,628	$	0.12	$	7,209	43,167	$	0.17
Dilutive Securities:
Stock Options			—					34
Restricted Stock Awards			420					280
Restricted Stock Units			70					122
Diluted EPS:
Net Income and Assumed Share Conversions	$	5,413	44,118	$	0.12	$	7,209	43,603	$	0.17

Approximately 1.5 million and 1.4 million stock options to purchase shares were not included in the computation of Diluted EPS for the three months ended March 31, 2014 and 2013, respectively, because these stock options were antidilutive. Approximately 0.4 million and 0.3 million restricted stock awards were not included in the computation of Diluted EPS for the three months ended March 31, 2014 and 2013, respectively, because they were antidilutive. Approximately 0.7 million and 0.3 million shares related to performance-based restricted stock units that could be converted to common shares based on predetermined performance and market goals were not included in the computation of Diluted EPS for the three months ended March 31, 2014 and 2013, because the performance and market conditions had not been met, assuming the end of the reporting period was the end of the performance period.