XML 37 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Note 11: Earnings Per Share
The Two-Class Method is an earnings allocation formula that treats a participating security, as having rights to earnings that otherwise would have been available to common shareholders and assumes all earnings for the period are distributed. Our unvested restricted stock awards granted are participating securities as they entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock.
Basic and diluted weighted average shares were the same for the three and six month periods ended June 30, 2015, as the effects of potentially dilutive securities were antidilutive due to our net loss position. Our calculation of basic and diluted earnings per share is as follows:
 
Three Months Ended

Six Months Ended
 
June 30,

June 30,
In thousands, except per share data
2016

2015

2016

2015
Numerator
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
40,548

 
$
(47,351
)
 
$
78,999

 
$
(5,196
)
Income (loss) from discontinued operations, net of tax
—

 
1,735

 
—

 
(4,821
)
Net income (loss)
$
40,548

 
$
(45,616
)
 
$
78,999

 
$
(10,017
)
 
 
 
 
 
 
 
 
Income from continuing operations
$
40,548

 
$
(47,351
)
 
$
78,999

 
$
(5,196
)
Dividends and undistributed income allocated to participating shares
(1,933
)
 
(121
)
 
(3,334
)
 
(269
)
Income from continuing operations to common shares - basic
38,615

 
(47,472
)
 
75,665

 
(5,465
)
Effect of reallocating undistributed income from continuing operations to participating shares
11

 
—

 
16

 
—

Income from continuing operations to common shares - diluted
$
38,626

 
$
(47,472
)
 
$
75,681

 
$
(5,465
)
 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
Weighted average common shares - basic
16,149

 
17,848

 
16,122

 
18,057

Dilutive effect of share-based payment awards
95

 
—

 
94

 
—

Weighted average common shares - diluted(1)
16,244

 
17,848

 
16,216

 
18,057

 
 
 
 
 
 
 
 
Basic earnings (loss) per common share:
 
 
 
 
 
 
 
Continuing operations
$
2.39

 
$
(2.66
)
 
$
4.69

 
$
(0.30
)
Discontinued operations
—

 
0.10

 
—

 
(0.27
)
Basic earnings (loss) per common share
$
2.39

 
$
(2.56
)
 
$
4.69

 
$
(0.57
)
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share:
 
 
 
 
 
 
 
Continuing operations
$
2.38

 
$
(2.66
)
 
$
4.67

 
$
(0.30
)
Discontinued operations
—

 
0.10

 
—

 
(0.27
)
Diluted earnings (loss) per common share
$
2.38

 
$
(2.56
)
 
$
4.67

 
$
(0.57
)
 
 
 
 
 
 
 
 
Stock options and share-based awards not included in diluted EPS calculation because their effect would have be antidilutive
248

 
14

 
121

 
16

(1)
Participating securities were included in the calculation of diluted earnings per share using the two-class method, as this calculation was more dilutive than the calculation using the treasury stock method.