Earnings per common share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings per common share

Earnings (loss) per common share

Basic earnings (loss) per common share were computed by dividing earnings (loss) on common stock by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per common share were computed by dividing earnings on common stock by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of outstanding performance share awards. Diluted loss per common share for the period ended March 31, 2015, was computed by dividing the loss on common stock by the weighted average number of shares of common stock outstanding during the period. Due to the loss on common stock for the period ended March 31, 2015, the effect of outstanding performance share awards was excluded from the computation of diluted loss per common share as their effect was antidilutive. In 2014, there were no shares excluded from the calculation of diluted earnings per share. Common stock outstanding includes issued shares less shares held in treasury. Net income (loss) was the same for both the basic and diluted earnings (loss) per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings (loss) per share calculations was as follows:

	Three Months Ended
	March 31,
	2015	2014
	(In thousands)
Weighted average common shares outstanding - basic	194,479	189,820
Effect of dilutive performance share awards	—	612
Weighted average common shares outstanding - diluted	194,479	190,432
Shares excluded from the calculation of diluted earnings per share	87	—