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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(In thousands, except per share data)
Income (numerator):
*Basic:*
Net income (loss)	($	152,906	)	$	4,444		($	480,294	)	$	30,387
Net income attributable to participating securities		—			(111	)		—			(698	)

Net income (loss) attributable to common stock - basic	($	152,906	)	$	4,333		($	480,294	)	$	29,689

*Diluted:*
Net income (loss)	($	152,906	)	$	4,444		($	480,294	)	$	30,387
Net income attributable to participating securities		—			(111	)		—			(697	)

Net income (loss) attributable to common stock - diluted	($	152,906	)	$	4,333		($	480,294	)	$	29,690

Weighted average shares (denominator):
Weighted average shares - basic		55,251			52,050			55,216			50,540
Dilutive effect of stock options		—			58			—			54
Dilutive effect of convertible notes		—			265			—			133

Weighted average shares - diluted		55,251			52,373			55,216			50,727

Basic earnings (loss) per share	($	2.77	)	$	0.08		($	8.70	)	$	0.59

Diluted earnings (loss) per share	($	2.77	)	$	0.08		($	8.70	)	$	0.59

All outstanding stock options were considered antidilutive during the three and six months ended June 30, 2015 (approximately 174,000 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 120,000 shares and 131,000 shares, respectively, during the three and six months ended June 30, 2014.

During the three months ended June 30, 2015 and 2014, approximately 29,000 shares and 40,000 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 six months ended June 30, 2015 and 2014, approximately 399,000 shares and 372,000 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 1³⁄₄% 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 six months ended June 30, 2015, 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 three and six months ended June 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.