Net Earnings (Loss) Per Common Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Common Share

Net Earnings (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net earnings (loss) per common share for the periods indicated.

(In thousands except per share data)	For the Three Months Ended March 31,
	2014			2013
Basic
Average common shares outstanding	32,013			31,902
Net loss from continuing operations	$	(17,976	)	$	(5,708	)
Net earnings from discontinued operations	$	—		$	40,889
Net earnings (loss)	$	(17,976	)	$	35,181
Net loss per common share from continuing operations	$	(0.56	)	$	(0.18	)
Net earnings per common share from discontinued operations	$	—		$	1.28
Net earnings (loss) per common share	$	(0.56	)	$	1.10
Diluted
Average common shares outstanding	32,013			31,902
Shares related to convertible debt	—			—
Stock options and awards	288			32
Average common shares assuming dilution	32,301			31,934
Net loss from continuing operations	$	(17,976	)	$	(5,708	)
Net earnings from discontinued operations	$	—		$	40,889
Net earnings (loss)	$	(17,976	)	$	35,181
Net loss per common share from continuing operations *	$	(0.56	)	$	(0.18	)
Net earnings per common share from discontinued operations	$	—		$	1.28
Net earnings (loss) per common share *	$	(0.56	)	$	1.10

* Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the period in which there was a net loss.

At March 31, 2014, 2,525,703 shares associated with stock options were excluded from the average common shares assuming dilution for the three months endedMarch 31, 2014 as they were anti-dilutive. At March 31, 2014, the majority of the anti-dilutive shares were granted at an exercise price of $41.87, which was higher than the average fair market value price of $20.57for the three months endedMarch 31, 2014. At March 31, 2013, 5,103,319 shares associated with stock options were excluded from the average common shares assuming dilution for the three months endedMarch 31, 2013 as they were anti-dilutive. At March 31, 2013, the majority of the anti-dilutive shares were granted at an exercise price of $41.87, which was higher than the average fair market value price of $15.41for the three months endedMarch 31, 2013. For the three months endedMarch 31, 2014 and March 31, 2013, there were no shares necessary to settle a conversion spread on the convertible notes to be included in the common shares assuming dilution as the average market price of the Company stock for these periods did not exceed the conversion price.