Earnings per Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings per Share

EARNINGS PER SHARE

Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, SSARs, performance shares, incentive shares and warrants) be excluded from the calculation of diluted earnings per share for the periods in which LP recognizes losses from continuing operations or at such time that the exercise prices of such awards are in excess of the weighted average market price of LP's common stock during these periods because the effect is anti-dilutive.

For the quarter ended ended September 30, 2015 and September 30, 2014, stock options, warrants and SSARs relating to approximately 4.7 million and 3.8 million shares of LP common stock were considered anti-dilutive for purposes of LP's earnings per share calculation due to LP's loss position from continuing operations. For the nine months ended September 30, 2015 and September 30, 2014, stock options, warrants and SSARs relating to approximately 5.0 million and 2.5 million shares of LP common stock were considered anti-dilutive for purposes of LP's earnings per share calculation due to LP's loss position from continuing operations.

At September 30, 2015, outstanding warrants were exercisable to purchase approximately 411,579 shares.