Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

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. As we recognized a net loss for the years ended December 31, 2014 and 2013, the unvested share-based payments and stock options were not recognized in diluted earnings per share (“Diluted EPS”) calculations as they would be antidilutive. Certain of our stock options and restricted stock grants that would potentially dilute Basic EPS in the future were also antidilutive for the year ended December 31, 2012, and are discussed below.

The following is a reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts):

	2014							2013							2012
	Net Income (Loss)			Shares	Per Share Amount			Net Income (Loss)			Shares	Per Share Amount			Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	(283,427	)	43,795	$	(6.47	)	$	(2,442	)	43,331	$	(0.06	)	$	21,701	42,840	$	0.51
Dilutive Securities:
Stock Options				—							—						90
Restricted Stock Awards				—							—						244
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	(283,427	)	43,795	$	(6.47	)	$	(2,442	)	43,331	$	(0.06	)	$	21,701	43,174	$	0.50

Options to purchase approximately 1.3 million shares at an average exercise price of $34.02 were outstanding at December 31, 2014, while options to purchase approximately 1.5 million shares at an average exercise price of $33.38 were outstanding at December 31, 2013 and options to purchase approximately 1.6 million shares at an average exercise price of $33.13 were outstanding at December 31, 2012.

All of the 1.4 million, 1.6 million and 1.3 million stock options to purchase shares were not included in the computation of Diluted EPS for the years ended December 31, 2014, 2013 and 2012, respectively, as they were antidilutive.

For the years ended December 31, 2014 and 2013, 0.5 million and 0.3 million restricted stock awards were not included in the computation of Diluted EPS, as they would be antidilutive given the net loss. Approximately 0.3 million of restricted stock awards were not included in the computation of Diluted EPS for the year ended December 31, 2012 because they were antidilutive.

Approximately 0.4 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 years ended December 31, 2014 and 2013, respectively, primarily because the performance and market conditions had not been met, assuming the end of the reporting period was the end of the performance period.