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Earnings Per Share
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share on net income (loss) (in thousands, except per share information):
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2014
 
2013
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
Net income (loss) (numerator for basic and diluted calculations)
 
$
198,296

 
$
(49,612
)
 
$
334,960

 
$
135,923

Shares:
 
 
 
 
 
 
 
 
Weighted average outstanding shares (denominator for basic calculation)
 
69,076

 
72,350

 
69,823

 
73,089

Equivalent shares from outstanding stock options
 
642

 
—

 
666

 
484

Denominator for diluted calculation
 
69,718

 
72,350

 
70,489

 
73,573

Earnings per share:
 
 
 
 
 
 
 
 
Basic
 
$
2.87

 
$
(0.69
)
 
$
4.80

 
$
1.86

Diluted
 
$
2.84

 
$
(0.69
)
 
$
4.75

 
$
1.85


As a result of the net loss for the three months ended June 30, 2013, the Company was required to use basic weighted average common shares outstanding in the calculation of diluted loss per share, since the inclusion of shares for outstanding stock options of 0.4 million would have been antidilutive to the earnings (loss) per share calculations. In the absence of the losses, weighted average common shares outstanding and dilutive potential common shares would have totaled 72.8 million.
The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. For the three months ended June 30, 2014, 0.3 million stock options and approximately 0.8 million performance contingent shares were excluded from the calculation. For the six months ended June 30, 2013, no stock options and approximately 0.7 million performance contingent shares were excluded from the calculation. Year-to-date amounts for equivalent shares from outstanding stock options and performance contingent shares are the weighted average of the individual quarterly amounts.