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Earnings per Share
 12 Months Ended
Dec. 31, 2014
Loss per Share [Abstract]  
Earnings Per Share [Text Block]
Earnings Per Share
The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income available to common shareholders and basic and diluted income per share for the year ended December 31, 2014, 2013 and 2012:
 
Year Ended December 31,
(In thousands, except per share amounts)
2014
 
2013
 
2012
NUMERATOR
 
 
 
 
 
Net income
$
50,789

 
$
151,423

 
$
13,347

Preferred stock dividends
(4,875
)
 
(3,656
)
 
—

Excess of fair value over book value of preferred shares redeemed
—

 
(2,190
)
 
—

Net income available to common shareholders
45,914

 
145,577

 
13,347

Interest on 3.25% convertible senior subordinated notes due 2017
1,504

 
2,443

 
—

Interest on 3.00% convertible senior subordinated notes due 2018
2,030

 
2,675

 
—

Diluted income available to common shareholders
49,448

 
150,695

 
13,347

DENOMINATOR
 
 
 
 
 
Basic weighted average shares outstanding
24,463

 
23,822

 
19,651

Effect of dilutive securities:
 
 
 
 
 
Stock option awards
222

 
237

 
92

Deferred compensation awards
142

 
123

 
148

3.25% convertible senior subordinated notes due 2017
2,416

 
2,416

 
—

3.00% convertible senior subordinated notes due 2018
2,669

 
2,165

 
—

Diluted weighted average shares outstanding - adjusted for assumed conversions
29,912

 
28,763

 
19,891

Earnings per common share
 
 
 
 
 
Basic
$
1.88

 
$
6.11

 
$
0.68

Diluted
$
1.65

 
$
5.24

 
$
0.67

Anti-dilutive equity awards not included in the calculation of diluted earnings per common share
1,250

 
963

 
1,538


The Company declared and paid a quarterly cash dividend of $609.375 per share on its 2,000 outstanding Series A Preferred Shares in each quarter of 2014 and during the second, third and fourth quarters of 2013 for an aggregate dividend payment of $4.9 million and $3.7 million for the year ended December 31, 2014 and 2013, respectively.
For the year ended December 31, 2014 and 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.