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Earnings Per Share-K
 12 Months Ended
Dec. 31, 2015
Earnings Per Share  
Earnings Per Share

17.  Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

    

2013

 

Numerator:

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to the Company

 

$
(74)

 

$
75

 

$
184

 

Denominator (in thousands):

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share-weighted average shares outstanding

 

 
161,169

 

 
164,720

 

 
164,425

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

Stock options and other

 

 

 —

 

 
1,327

 

 
1,403

 

Denominator for diluted earnings per share-adjusted weighted average shares outstanding

 

 
161,169

 

 
166,047

 

 
165,828

 

Basic earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations

 

$
(0.44)

 

$
0.60

 

$
1.22

 

Loss from discontinued operations

 

 
(0.03)

 

 
(0.14)

 

 
(0.11)

 

Net earnings (loss)

 

$
(0.47)

 

$
0.46

 

$
1.11

 

Diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations

 

$
(0.44)

 

$
0.59

 

$
1.22

 

Loss from discontinued operations

 

 
(0.03)

 

 
(0.14)

 

 
(0.11)

 

Net earnings (loss)

 

$
(0.47)

 

$
0.45

 

$
1.11

 

Options to purchase 1,143,933 and 1,315,216 weighted average shares of common stock which were outstanding during 2014 and 2013, respectively, were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares. For the year ended December 31, 2015, diluted earnings per share of common stock was equal to basic earnings per share of common stock due to the loss from continuing operations. 

On February 4, 2015, the Company entered into an accelerated share repurchase agreement (“ASR”) with J.P. Morgan Securities LLC (the “ASR Counterparty”) to repurchase $100 million of its common stock. The Company advanced $100 million to the ASR Counterparty on February 5, 2015, and received 3,509,496 shares, which represented eighty five percent of the total shares as calculated using the closing price on February 4, 2015.  The remaining share settlement was received from the ASR Counterparty in the amount of 599,760 shares and was completed on May 26, 2015 based on the daily volume-weighted average price of the Company’s common stock during the term of the ASR. Under the terms of the ASR program, the ASR Counterparty was permitted, in accordance with the applicable requirements of the federal securities laws, to separately trade in the Company’s shares.