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Loss Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Loss Per Share
8. Earnings (Loss) Per Share

We calculate basic earnings (loss) per share by dividing our net earnings (loss) by our weighted-average shares outstanding at the end of the period. The calculation for diluted earnings per share adjusts the weighted average shares outstanding for our dilutive stock options and restricted stock using the treasury stock method and adjusts both net earnings and the weighted average shares outstanding for our dilutive convertible securities using the if-converted method. The if-converted method assumes that all of our dilutive convertible securities would have been converted at the beginning of the period. Our calculation for basic and dilutive earnings per share for the three and nine months ended September 30 is as follows:

 
Three Months
 
Nine Months
(dollars in millions, except per share data, shares in thousands)
2013
 
2012
 
2013
 
2012
Basic net income (loss) available to common shareholders
$
(44.4
)
 
$
3.0

 
$
(84.0
)
 
$
(105.1
)
Effect of dilutive securities:
 
 
 
 
 
 
 
6% Notes1
—

 
(11.8
)
 
—

 
—

Series B Notes1
—

 
(52.0
)
 
—

 
—

Dilutive net loss available to common shareholders
$
(44.4
)
 
$
(60.8
)
 
$
(84.0
)
 
$
(105.1
)
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
9,977

 
7,512

 
9,053

 
7,149

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options and restricted stock
—

 
31

 
—

 
—

6% Notes
—

 
18

 
—

 
—

Series B Notes
—

 
6,601

 
—

 
—

Dilutive weighted average shares outstanding
9,977

 
14,162

 
9,053

 
7,149

 
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
(4.45
)
 
$
0.40

 
$
(9.29
)
 
$
(14.16
)
Diluted loss per share
$
(4.45
)
 
$
(4.30
)
 
$
(9.29
)
 
$
(14.16
)
1 The 6% Notes and Series B Notes are recorded at a discount that accelerates upon conversion and contain a make-whole interest premium that would require us to pay interest as if the security was held to maturity upon conversion. These would result in incremental expense under the if-converted method.

Given our net loss position for the three and nine months ended September 30, 2013 and the nine months ended September 30, 2012, there were no dilutive securities for these periods.

Anti-dilutive options and share units were 834,400 and 766,900 at September 30, 2013 and 2012, respectively. Anti-dilutive 6% Note conversion shares, including the make whole premium, were 17,600 at September 30, 2013 and 2012. Anti-dilutive Series A Note conversion shares were 5,099,000 and 4,625,000 at September 30, 2013 and 2012, respectively. Anti-dilutive Series B Note conversion shares, including the make whole premiums, were 4,219,000 and 6,345,000 at September 30, 2013 and 2012, respectively.