Basic and Diluted Net Income per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Basic and Diluted Net Income per Common Share

Basic and Diluted Net Income per Common Share

The Company’s basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. The Company’s diluted net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding plus any incremental shares arising from the dilutive effect of stock-based compensation.

The numerators and denominators used in computing basic and diluted net income per common share for the three and nine months ended September 30, 2014 and 2013 can be reconciled as follows (dollars in thousands, except per share data):

	Three months ended    September 30,				Nine months ended    September 30,
	2014		2013		2014			2013
Net (loss) income	$	2,432	$	1,492	$	(1,303	)	$	49,611
Weighted-average shares outstanding - basic	71,653,141		47,212,330		59,128,342			47,175,243
Dilutive securities	79,255		356,240		47,543			277,852
Weighted-average shares outstanding - diluted	71,732,396		47,568,570		59,175,885			47,453,095
Common stock equivalent shares excluded due to antidilutive effect	—		32,399		589,198			32,399
Basic and diluted:
Net income (loss) per common share	$	0.03	$	0.03	$	(0.02	)	$	1.05
Net income (loss) per common share (diluted)	$	0.03	$	0.03	$	(0.02	)	$	1.05