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Earnings Per Share
 6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
Note 13: Earnings Per Share

Beginning in the first quarter of 2015, we began applying the two-class method of calculating basic and diluted earnings per share (the “Two-Class Method”) as it became significantly more dilutive than the previously applied treasury stock method as a result of stock repurchases increasing the average number of unvested restricted awards as a percentage of total common shares outstanding.
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. Due to our net loss position for the three and six month periods ended June 30, 2015, losses are not allocated to participating shares for the purpose of calculating basic and diluted EPS as restricted stock holders are not required to fund losses.
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
2015
 
2014
 
2015
 
2014
Numerator
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(47,351
)
 
$
23,833

 
$
(5,196
)
 
$
51,439

Income (loss) from discontinued operations, net of tax
1,735

 
(2,080
)
 
(4,821
)
 
(6,511
)
Net income (loss)
$
(45,616
)
 
$
21,753

 
$
(10,017
)
 
$
44,928

 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(47,351
)
 
$
23,833

 
$
(5,196
)
 
$
51,439

Dividends and undistributed income allocated to participating shares
(121
)
 
(817
)
 
(269
)
 
(1,559
)
Income (loss) from continuing operations to common shares - basic
(47,472
)
 
23,016

 
(5,465
)
 
49,880

Effect of reallocating undistributed income from continuing operations to participating shares
—

 
20

 
—

 
38

Income (loss) from continuing operations to common shares - diluted
$
(47,472
)
 
$
23,036

 
$
(5,465
)
 
$
49,918

 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
Weighted average common shares - basic
17,848

 
19,541

 
18,057

 
21,730

Dilutive effect of share-based payment awards
—

 
98

 
—

 
108

Dilutive effect of convertible debt
—

 
409

 
—

 
460

Weighted average common shares - diluted(1)
17,848

 
20,048

 
18,057

 
22,298

 
 
 
 
 
 
 
 
Basic earnings (loss) per common share:
 
 
 
 
 
 
 
Continuing operations
$
(2.66
)
 
$
1.18

 
$
(0.30
)
 
$
2.30

Discontinued operations
0.10

 
(0.11
)
 
(0.27
)
 
(0.30
)
Basic earnings (loss) per common share
$
(2.56
)
 
$
1.07

 
$
(0.57
)
 
$
2.00

 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share:
 
 
 
 
 
 
 
Continuing operations
$
(2.66
)
 
$
1.15

 
$
(0.30
)
 
$
2.24

Discontinued operations
0.10

 
(0.10
)
 
(0.27
)
 
(0.29
)
Diluted earnings (loss) per common share
$
(2.56
)
 
$
1.05

 
$
(0.57
)
 
$
1.95

 
 
 
 
 
 
 
 
Stock options and share-based awards not included in diluted EPS calculation because their effect would have be antidilutive
14

 
2

 
16

 
7

(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.