Annual report pursuant to Section 13 and 15(d)

Earnings (Loss) Per Share

v2.4.0.8
Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
EARNINGS/(LOSS) PER SHARE
NOTE 7 — EARNINGS/(LOSS) PER SHARE
Basic and diluted earnings/(loss) per common share were calculated as follows (in thousands, except per share amounts):
 
 
 
Years Ended December 31,
 
 
2013
 
2012
 
2011
Basic weighted average number of shares outstanding
 
36,105

 
34,057

 
32,382

Effect of dilutive securities:
 
 
 
 
 
 
Convertible debt (1)
 
2,176

 
612

 
N/A

Stock options and unvested restricted stock (2)
 
520

 
503

 
—

Diluted average shares outstanding
 
38,801

 
35,172

 
32,382

Net earnings/(loss) as reported
 
$
124,464

 
$
105,163

 
$
(21,106
)
Interest attributable to Convertible Senior Notes, net of income taxes
 
1,454

 
418

 
—

Net earnings/(loss) for earnings/(loss) per share
 
$
125,918

 
$
105,581

 
$
(21,106
)
Basic earnings/(loss) per share
 
$
3.45

 
$
3.09

 
$
(0.65
)
Diluted earnings/(loss) per share (1) (2)
 
$
3.25

 
$
3.00

 
$
(0.65
)
Antidilutive stock options not included in the calculation of diluted earnings per share
 
7

 
256

 
1,731

 
(1)
In accordance with ASC 260-10, Earnings Per Share, ("ASC 260-10") we calculate the dilutive effect of convertible securities using the "if-converted" method. Reflects the converted shares and the interest savings (post-tax) of our $126.5 million of 1.875% Convertible Senior Notes.
(2)
For periods with a net loss, no options or non-vested shares are included in the dilution calculation as all options and non-vested shares outstanding are considered anti-dilutive.