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Net Income (Loss) per Share of Common Stock
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Net Income per Share of Common Stock
Net Income (Loss) per Share of Common Stock

The following table sets forth the computation of basic and diluted earnings (loss) per share:
 
Three months ended June 30,
 
Six months ended June 30,
(dollars in thousands, except earnings per share)
2014
 
2013
 
2014
 
2013
Numerators for earnings per share:
 
 
 
 
 
 
 
Net income (loss) that is available to common shareholders
$
(25,168
)
 
$
12,436

 
$
(28,552
)
 
$
14,425

 
 
 
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
 
 
Weighted average shares outstanding
21,672,844

 
21,288,897

 
21,600,125

 
21,202,411

 
 
 
 
 
 
 
 
Denominator for diluted earnings per share:
 
 
 
 
 
 
 
Effect of stock options and restricted stock units
—

 
654,388

 
—

 
504,622

Adjusted weighted average shares and assumed conversions
21,672,844

 
21,943,285

 
21,600,125

 
21,707,033

 
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
(1.16
)
 
$
0.58

 
$
(1.32
)
 
$
0.68

 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
$
(1.16
)
 
$
0.57

 
$
(1.32
)
 
$
0.66

 
 
 
 
 
 
 
 
Shares excluded from diluted earnings (loss) per share due to:
 
 
 
 
 
 
 
Net loss position (excluded from denominator)
490,706

 
—

 
465,577

 
—

Inclusion would have been anti-dilutive (excluded from calculation)
182,850

 
319,288

 
130,165

 
370,936



When applicable, diluted shares outstanding includes the dilutive impact of restricted stock units. Diluted shares also include the impact of eligible employee stock options, which are calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the tax-effected proceeds that hypothetically would be received from the exercise of all in-the-money options are assumed to be used to repurchase shares.