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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
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:
 
Year Ended December 31,
 
2015
 
2014
 
2013
Income (numerator):
 
 
 
 
 
Basic:
 
 
 
 
 
Net income (loss)
$
(1,090,915
)
 
$
(189,543
)
 
$
117,634

Net income attributable to participating securities
—

 
—

 
(2,817
)
Net income (loss) attributable to common stock - basic
$
(1,090,915
)
 
$
(189,543
)
 
$
114,817

Diluted:
 
 
 
 
 
Net income (loss)
$
(1,090,915
)
 
$
(189,543
)
 
$
117,634

Net income attributable to participating securities
—

 
—

 
(2,815
)
Net income (loss) attributable to common stock - diluted
$
(1,090,915
)
 
$
(189,543
)
 
$
114,819

Weighted average shares (denominator):
 
 
 
 
 
Weighted average shares - basic
55,250

 
52,721

 
48,693

Dilutive effect of stock options
—

 
—

 
42

Weighted average shares - diluted
55,250

 
52,721

 
48,735

Basic earnings (loss) per share
$
(19.75
)
 
$
(3.60
)
 
$
2.36

Diluted earnings (loss) per share
$
(19.75
)
 
$
(3.60
)
 
$
2.36


All outstanding stock options were considered antidilutive during the years ended December 31, 2015 (145,000 shares) and December 31, 2014 (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 for the applicable period totaled approximately 242,000 shares during the year ended December 31, 2013.
During the years ended December 31, 2015, 2014 and 2013, approximately 418,000, 384,000 and 358,000 shares of our common stock, respectively, were issued from authorized shares upon the lapsing of forfeiture restrictions of restricted stock and the exercise of stock options by employees and nonemployee directors. In May 2014, 5,750,000 shares of our common stock were issued in a public offering.
For the years ended December 31, 2015 and 2014, the 2017 Convertible Notes had no dilutive effect in the diluted earnings per share computation as we had a net loss for such years. For the year ended December 31, 2013, the average price of our common stock was less than the effective conversion price for such notes, resulting in no dilutive effect in the diluted earnings per share computation under the treasury stock method. For the years ended December 31, 2015, 2014 and 2013, the average price of our common stock was less than the strike price of the Sold Warrants (as defined in Note 11 – Long-Term Debt) and therefore, such warrants were not dilutive for such years. Based on the terms of the Purchased Call Options (as defined in Note 11 – Long-Term Debt), such call options are antidilutive and therefore, were not included in the calculation of diluted earnings per share.