Earnings Per Share (Policies)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Earnings Per Share, Policy

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.