Earnings Per Share

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(In thousands, except per share data)
Income (numerator):
Basic:
Net income (loss)	$	(291,965	)	$	(29,415	)	$	(772,259	)	$	972
Net income attributable to participating securities	—			—			—			(22		)
Net income (loss) attributable to common stock - basic	$	(291,965	)	$	(29,415	)	$	(772,259	)	$	950
Diluted:
Net income (loss)	$	(291,965	)	$	(29,415	)	$	(772,259	)	$	972
Net income attributable to participating securities	—			—			—			(22		)
Net income (loss) attributable to common stock - diluted	$	(291,965	)	$	(29,415	)	$	(772,259	)	$	950
Weighted average shares (denominator):
Weighted average shares - basic	55,282			54,866			55,238			51,998
Dilutive effect of stock options	—			—			—			53
Dilutive effect of convertible notes	—			—			—			88
Weighted average shares - diluted	55,282			54,866			55,238			52,139
Basic earnings (loss) per share	$	(5.28	)	$	(0.54	)	$	(13.98	)	$	0.02
Diluted earnings (loss) per share	$	(5.28	)	$	(0.54	)	$	(13.98	)	$	0.02

All outstanding stock options were considered antidilutive during the three and nine months ended September 30, 2015 (approximately 145,000 shares) and during the three months ended September 30, 2014 (approximately 205,000 shares) because we had a net loss for such periods. Stock options that were considered antidilutive because the exercise price of the options exceeded the average price of our common stock totaled approximately 116,000 shares during the nine months ended September 30, 2014.

During the three months ended September 30, 2015 and 2014, approximately 19,000 shares and 10,000 shares of our common stock, respectively, were issued from authorized shares upon the lapsing of forfeiture restrictions of restricted stock by employees and nonemployee directors. During the nine months ended September 30, 2015 and 2014, approximately 418,000 shares and 382,000 shares of our common stock, respectively, were issued from authorized shares upon the lapsing of forfeiture restrictions of restricted stock by employees and nonemployee directors. In May 2014, 5,750,000 shares of our common stock were issued in a public offering.

Because it is management’s stated intention to redeem the principal amount of our 1 3⁄4% Senior Convertible Notes due 2017 (the “2017 Convertible Notes”) (see Note 4 – Long-Term Debt) in cash, we have used the treasury method for determining dilution in the diluted earnings per share computation. For the three and nine months ended September 30, 2015 and the three months ended September 30, 2014, there was no dilutive effect on the diluted earnings per share computation because we had a net loss for such periods. For the three months ended June 30, 2014, the average price of our common stock exceeded the effective conversion price for such notes, resulting in a dilutive effect on the diluted earnings per share computation for the nine months ended September 30, 2014. For all periods presented, the average price of our common stock was less than the strike price of the Sold Warrants (as defined in Note 4 – Long-Term Debt) and therefore, such warrants were not dilutive for such periods. Based on the terms of the Purchased Call Options (as defined in Note 4 – Long-Term Debt), such call options are antidilutive and therefore were not included in the calculation of diluted earnings per share.