Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Note 2 — 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 March 31,
	2014			2013
Income (numerator):
Basic:
Net income	$	25,943		$	40,758
Net income attributable to participating securities		(537	)		(770	)
Net income attributable to common stock — basic	$	25,406		$	39,988
Diluted:
Net income	$	25,943		$	40,758
Net income attributable to participating securities		(537	)		(770	)
Net income attributable to common stock — diluted	$	25,406		$	39,988
Weighted average shares (denominator):
Weighted average shares — basic		49,013			48,619
Dilutive effect of stock options		49			38
Weighted average shares — diluted		49,062			48,657
Basic earnings per share	$	0.52		$	0.82
Diluted earnings per share	$	0.52		$	0.82

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 and 347,000 shares during the three months ended March 31, 2014 and 2013, respectively.

During the three months ended March 31, 2014 and 2013, approximately 333,000 shares and 291,000 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.

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 potential dilution in the diluted earnings per share computation. Since the average price of our common stock was less than the effective conversion price for such notes during all periods presented, the 2017 Convertible Notes were not dilutive for such periods. Additionally, since 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) for all periods presented, such warrants were also not dilutive for such periods.