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Net Income (Loss) per Share of Common Stock
 9 Months Ended
Sep. 30, 2015
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 September 30,
 
Nine months ended September 30,
(dollars in thousands, except earnings per share)
2015
 
2014
 
2015
 
2014
Numerators for earnings per share:
 
 
 
 
 
 
 
Net income (loss) that is available to common shareholders
$
16,719

 
$
13,758

 
$
34,225

 
$
(14,794
)
 
 
 
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
 
 
Weighted average shares outstanding
21,796,172

 
21,799,782

 
21,816,323

 
21,667,408

 
 
 
 
 
 
 
 
Denominator for diluted earnings per share:
 
 
 
 
 
 
 
Effect of stock options and restricted stock units
402,536

 
440,531

 
452,161

 
—

Adjusted weighted average shares and assumed conversions
22,198,708

 
22,240,313

 
22,268,484

 
21,667,408

 
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
0.77

 
$
0.63

 
$
1.57

 
$
(0.68
)
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
$
0.75

 
$
0.62

 
$
1.54

 
$
(0.68
)
 
 
 
 
 
 
 
 
Shares excluded from diluted earnings (loss) per share due to:
 
 
 
 
 
 
 
Net loss position (excluded from denominator)
—

 
—

 
—

 
458,658

Inclusion would have been anti-dilutive (excluded from calculation)
127,258

 
192,090

 
97,951

 
151,732



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.