Earnings Per Share Available to Common Shareholders

3 Months Ended

Mar. 31, 2014

Earnings Per Share Available to Common Shareholders [Abstract]

Earnings Per Share Available to Common Shareholders

(11) Earnings Per Share Available to Common Shareholders

Basic and diluted net earnings or loss per share are computed by dividing earnings or loss available to common shareholders by the weighted average number of shares of common stock outstanding during the period.  The computation of earnings or loss available to common shareholders is presented in our condensed consolidated statements of operations.  Diluted earnings per share includes the dilution that could occur based on outstanding restricted stock awards and the potential exercise of stock options, except for stock options with an exercise price of more than the average market price of our common stock, as such exercise would be anti-dilutive.

In the three months ended March 31, 2014 and 2013, options to purchase 5,337,925 and 6,984,582 shares of our common stock, respectively, had exercise prices greater than the average market price of our common stock, and, therefore, are not considered in the calculations of diluted earnings or net loss per share.  In addition, unvested restricted stock was not included in the calculation of basic net income per share as of March 31, 2014.  As a result of the loss incurred in the three months ended March 31, 2013, incremental shares from the assumed exercise of employee stock options totaling 4,750,000 shares, have been excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive. 

Potentially dilutive common stock equivalent securities, including securities that may be considered in the calculation of diluted earnings per share outstanding as of March 31, 2014 and 2013, were 9,682,925 and 11,734,582, respectively.