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Earnings Per Share
 6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Earnings Per Share
COMMON STOCK AND EARNINGS PER SHARE
Earnings per Share
The calculation of basic and diluted earnings per common share are as follows (in thousands, except per share amounts):
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2017
 
2016
 
2017
 
2016
Numerator:
 
 
 
 
 
 
 
Earnings (loss) from continuing operations - basic
$
(53,918
)
 
$
11,528

 
$
(44,122
)
 
$
19,699

Gain from stock warrant revaluation, net of tax
—

 
(3,664
)
 
—

 
(3,405
)
Earnings (loss) from continuing operations - diluted
$
(53,918
)
 
$
7,864

 
$
(44,122
)
 
$
16,294

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted-average shares outstanding - basic
59,035

 
63,267

 
59,084

 
63,452

Common equivalent shares:
 
 
 
 
 
 
 
Effect of stock-based compensation awards
—

 
861

 
—

 
835

Effect of stock warrants
—

 
2,635

 
—

 
1,623

Weighted-average shares outstanding assuming dilution
59,035

 
66,763

 
59,084

 
65,910

 
 
 
 
 
 
 
 
Basic earnings (loss) per share from continuing operations
$
(0.91
)
 
$
0.18

 
$
(0.75
)
 
$
0.31

Diluted earnings (loss) per share from continuing operations
$
(0.91
)
 
$
0.12

 
$
(0.75
)
 
$
0.25


The determination of diluted earnings per share requires the exclusion of the fair value re-measurement of the stock warrants recorded as a liability (see Note B), if such warrants have an anti-dilutive effect on earnings per share. For periods in which equivalent shares have a dilutive effect on earnings per share, the weighted-average diluted shares outstanding is calculated using the treasury method. Under this method, the number of diluted shares is determined by dividing the assumed proceeds of the warrants by the average stock price during the period and comparing that amount with the number of warrants outstanding. The underlying warrants as of June 30, 2017, could result in 13.6 million additional shares of the Company's common stock if the warrants are settled by tendering cash. The number of equivalent shares that were not included in weighted average shares outstanding assuming dilution, because their effect would have been anti-dilutive, were 8.5 million and 7.2 million for the three and six month periods ended June 30, 2017, respectively, compared to none for the corresponding periods of 2016.
Purchase of Common Stock
The Company's Board of Directors has authorized management to repurchase outstanding common stock of the Company from time to time on the open market or in privately negotiated transactions. The authorization does not require the Company to repurchase a specific number of shares and the Company may terminate the repurchase program at any time. Upon the retirement of common stock repurchased, the excess purchase price over the par value for retired shares of common stock is recorded to additional paid-in-capital.
The Company repurchased common stock during the first six months of 2017, including 380,637 shares on June 6, 2017 from an underwriter in conjunction with an underwritten secondary offering by its largest shareholder, Red Mountain Partners, L.P., a fund that is affiliated with Red Mountain Capital Partners, LLC (“Red Mountain”), a related party, for an aggregate purchase price of $8.5 million. The share price of $22.42 was equal to the price per share paid by the underwriter to Red Mountain.