XML 24 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Earnings Per Share
 6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The following table presents the reconciliation of the numerator and denominator for calculating net income per share:
 
Second Quarter
 
First Half
(In thousands, except per share data)
2018
 
2017
 
2018
 
2017
Numerator
 
 
 
 
 
 
 
Net income - basic and diluted
$
10,846

 
$
1,632

 
$
18,068

 
$
649

 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
89,703

 
84,653

 
89,400

 
84,404

Dilutive effect of stock options and restricted stock awards
2,823

 
2,662

 
2,730

 
2,695

Dilutive effect of 2021 Convertible Notes
1,265

 
—

 
636

 
—

Weighted average common shares outstanding - diluted
93,791

 
87,315

 
92,766

 
87,099

 
 
 
 
 
 
 
 
Income per common share
 
 
 
 
 
 
 
Basic
$
0.12

 
$
0.02

 
$
0.20

 
$
0.01

Diluted
$
0.12

 
$
0.02

 
$
0.19

 
$
0.01


We excluded the following weighted-average potential shares from the calculations of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive:
 
Second Quarter
 
First Half
(In thousands)
2018
 
2017
 
2018
 
2017
Stock options and restricted stock awards
1,173

 
2,464

 
1,412

 
2,381

2017 Convertible Notes
—

 
7,569

 
—

 
7,569

2021 Convertible Notes
—

 
—

 
—

 
—


The unsecured convertible senior notes due 2017 (“2017 Convertible Notes”) were repaid upon maturity in October 2017. The 2021 Convertible Notes (as defined in Note 7) only impact the calculation of diluted net income per share in periods that the average price of our common stock, as calculated in accordance with the terms of the indenture governing the 2021 Convertible Notes, exceeds the conversion price of $9.33 per share. We have the option to pay cash, issue shares of common stock, or any combination thereof for the aggregate amount due upon conversion of the 2021 Convertible Notes as further described in Note 7. If converted, we currently intend to settle the principal amount of the notes in cash and as a result, only the amounts payable in excess of the principal amount of the notes, if any, are assumed to be settled with shares of common stock for purposes of computing diluted net income per share.