XML 22 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727
Earnings Per Share
 6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE

Information related to the calculation of earnings per share follows:
 
 
Income (Loss)
(Numerator)
 
Weighted
Shares
(Denominator)
 
Per-Share
Amount
 
 
(In thousands except per share amounts)
For the three months ended June 30, 2015
 
 
 
 
 
 
Basic earnings (loss) per common share
 
$
(274,389
)
 
49,148

 
$
(5.58
)
Effect of dilutive stock options, restricted stock, and stock appreciation rights (SARs)
 
—

 
—

 
—

Diluted earnings (loss) per common share
 
$
(274,389
)
 
49,148

 
$
(5.58
)
For the three months ended June 30, 2014
 
 
 
 
 
 
Basic earnings per common share
 
$
54,360

 
48,642

 
$
1.12

Effect of dilutive stock options, restricted stock, and SARs
 
—

 
474

 
(0.01
)
Diluted earnings per common share
 
$
54,360

 
49,116

 
$
1.11



Due to the net loss for the three months ended June 30, 2015, approximately 307,000 weighted average shares related to stock options, restricted stock, and SARs were antidilutive and were excluded from the earnings per share calculation above.

The following table shows the number of stock options and SARs (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock:
 
 
Three Months Ended
 
 
June 30,
 
 
2015
 
2014
Stock options and SARs
 
259,085

 
24,500

Average exercise price
 
$
50.50

 
$
73.26



 
 
Income (Loss)
(Numerator)
 
Weighted
Shares
(Denominator)
 
Per-Share
Amount
 
 
(In thousands except per share amounts)
For the six months ended June 30, 2015
 
 
 
 
 
 
Basic earnings (loss) per common share
 
$
(522,743
)
 
49,063

 
$
(10.66
)
Effect of dilutive stock options, restricted stock, and SARs
 
—

 
—

 
—

Diluted earnings (loss) per common share
 
$
(522,743
)
 
49,063

 
$
(10.66
)
For the six months ended June 30, 2014
 
 
 
 
 
 
Basic earnings per common share
 
$
111,305

 
48,568

 
$
2.29

Effect of dilutive stock options, restricted stock, and SARs
 
—

 
442

 
(0.02
)
Diluted earnings per common share
 
$
111,305

 
49,010

 
$
2.27



Due to the net loss for the six months ended June 30, 2015, approximately 206,000 weighted average shares related to stock options, restricted stock, and SARs were antidilutive and were excluded from the earnings per share calculation above.

The following table shows the number of stock options and SARs (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock:
 
 
Six Months Ended
 
 
June 30,
 
 
2015
 
2014
Stock options and SARs
 
261,270

 
49,000

Average exercise price
 
$
50.34

 
$
67.83