Earnings per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings per Share

Note 9 - Earnings per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average common shares outstanding for the respective period. The Company’s earnings per share calculations reflect the impact of any repurchases of shares of common stock made by the Company.

Diluted net income or loss per common share is calculated by dividing adjusted net income or loss by the diluted weighted-average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of unvested RSUs, contingent PSUs, and in-the-money outstanding stock options. The treasury stock method is used to measure the dilutive impact of these stock awards. All remaining stock options were exercised during the year ended December 31, 2014, and therefore, were only dilutive for the three months ended March 31, 2014. When there is a loss from continuing operations, as was the case for the three months ended March 31, 2015, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted net loss per common share. For the three months ended March 31, 2015, weighted-average anti-dilutive securities related to unvested RSUs and contingent PSUs totaled approximately 452,000 shares.

PSUs represent the right to receive, upon settlement of the PSUs after completion of the three-year performance period, a number of shares of the Company’s common stock that may range from 0% to 200% of the number of PSUs granted on the award date. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the contingency period applicable to such PSUs. For additional discussion on PSUs, please refer to Note 7 - Compensation Plans under the heading Performance Share Units Under the Equity Incentive Compensation Plan.

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

	For the Three Months Ended March 31,
	2015			2014
	(in thousands, except per share amounts)
Net income (loss)	$	(53,058	)	$	65,607
Basic weighted-average common shares outstanding	67,463			67,056
Add: dilutive effect of stock options, unvested RSUs, and contingent PSUs	—			1,070
Diluted weighted-average common shares outstanding	67,463			68,126
Basic net income (loss) per common share	$	(0.79	)	$	0.98
Diluted net income (loss) per common share	$	(0.79	)	$	0.96