Note 3 - Earnings per Share

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 3 – Earnings per Share

The following table presents the reconciliation of the numerator and denominator for calculating earnings per share from continuing operations:

	First Quarter
(In thousands, except per share data)	2015		2014
Basic EPS:
Income from continuing operations	$	993	$	11,742
Weighted average number of common shares outstanding		82,299		84,743
Basic income from continuing operations per common share	$	0.01	$	0.14
Diluted EPS:
Income from continuing operations	$	993	$	11,742
Assumed conversions of Senior Notes		-		1,261
Adjusted income from continuing operations	$	993	$	13,003
Weighted average number of common shares outstanding-basic		82,299		84,743
Add: Dilutive effect of stock options and restricted stock awards		1,505		1,674
Dilutive effect of Senior Notes		-		15,682
Diluted weighted average number of common shares outstanding		83,804		102,099
Diluted income from continuing operations per common share	$	0.01	$	0.13
Stock options and restricted stock excluded from calculation of diluted earnings per share because anti-dilutive for the period		954		627

For the first quarter of 2015 and 2014, we had weighted average dilutive stock options and restricted stock outstanding of approximately 4.5 million shares and 5.0 million shares, respectively. The resulting net effect of stock options and restricted stock were used in calculating diluted earnings per share for the period. For the first quarter of 2015, we excluded the assumed conversion of the Senior Notes in calculating diluted earnings per share as the effect was anti-dilutive for the period.