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Earnings per Share
 12 Months Ended
Dec. 31, 2013
Loss per Share [Abstract]  
Earnings Per Share [Text Block]
Earnings (Loss) Per Share
The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income (loss) available to common shareholders and basic and diluted income (loss) per share for the year ended December 31, 2013, 2012 and 2011:
 
Year Ended December 31,
(In thousands, except per share amounts)
2013
 
2012
 
2011
NUMERATOR
 
 
 
 
 
Net income (loss)
$
151,423

 
$
13,347

 
$
(33,877
)
Preferred stock dividends
(3,656
)
 
—

 
—

Excess of fair value over book value of preferred shares redeemed
(2,190
)
 
—

 
—

Net income (loss) available to common shareholders
145,577

 
13,347

 
(33,877
)
Interest on 3.25% convertible senior subordinated notes due 2017
2,443

 
—

 
—

Interest on 3.00% convertible senior subordinated notes due 2018
2,675

 
—

 
—

Diluted income (loss) available to common shareholders
150,695

 
13,347

 
(33,877
)
DENOMINATOR
 
 
 
 
 
Basic weighted average shares outstanding
23,822

 
19,651

 
18,698

Effect of dilutive securities:
 
 
 
 
 
Stock option awards
237

 
92

 
—

Deferred compensation awards
123

 
148

 
—

3.25% convertible senior subordinated notes due 2017
2,416

 
—

 
—

3.00% convertible senior subordinated notes due 2018
2,165

 
—

 
—

Diluted weighted average shares outstanding - adjusted for assumed conversions
28,763

 
19,891

 
18,698

Earnings (loss) per common share
 
 
 
 
 
Basic
$
6.11

 
$
0.68

 
$
(1.81
)
Diluted
$
5.24

 
$
0.67

 
$
(1.81
)
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share
963

 
1,538

 
2,170


The Company declared and paid a quarterly cash dividend of $609.375 per share on its 2,000 outstanding Series A Preferred Shares in the second, third and fourth quarters of 2013 for an aggregate dividend payment of $3.7 million for the year ended December 31, 2013.
In March 2013, the Company announced its intention to redeem 2,000 of its outstanding Series A Preferred Shares and recognized a $2.2 million non-cash equity charge in the first quarter of 2013 related to the excess of fair value over carrying value relating primarily to the original issuance costs that were paid in 2007. This charge reduced net income to common shareholders in the earnings per share calculation above for the year ended December 31, 2013. On April 10, 2013, the Company redeemed the 2,000 Series A Preferred Shares for $50.4 million in cash.
In March 2013, the Company also issued 2.461 million common shares in a public offering at a price of $23.50 per share (for net proceeds of $54.6 million), which shares are included above in our total basic weighted average shares outstanding for the twelve month period ended December 31, 2013.
For the year ended December 31, 2013, the effect of convertible debt was included in the diluted earnings per share calculations. For the year ended December 31, 2012, the effect of convertible debt was not included in the diluted earnings per share calculation as it would have been anti-dilutive. For the year ended December 31, 2011, the effects of outstanding shares underlying deferred compensation awards and outstanding options to purchase common shares were not included in the diluted earnings per share calculations as they would have been anti-dilutive due to the Company’s net loss for the period.