| EARNINGS/(LOSS) PER SHARE |
EARNINGS PER SHARE
Basic and diluted earnings per common share were calculated as follows (in thousands, except per share amounts):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2014 |
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2013 |
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2014 |
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2013 |
Basic weighted average number of shares outstanding |
39,123 |
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36,226 |
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38,977 |
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36,060 |
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Effect of dilutive securities: |
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Convertible debt (1) |
2,176 |
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2,176 |
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2,176 |
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2,176 |
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Stock options and unvested restricted stock |
357 |
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463 |
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411 |
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535 |
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Diluted weighted average shares outstanding |
41,656 |
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38,865 |
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41,564 |
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38,771 |
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Net earnings as reported |
$ |
32,577 |
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$ |
38,191 |
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$ |
93,033 |
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$ |
78,375 |
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Interest attributable to convertible senior notes, net of income taxes |
378 |
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393 |
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1,135 |
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1,180 |
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Net earnings for diluted earnings per share |
$ |
32,955 |
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38,584 |
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$ |
94,168 |
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79,555 |
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Basic earnings per share |
$ |
0.83 |
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$ |
1.05 |
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$ |
2.39 |
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$ |
2.17 |
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Diluted earnings per share (1) |
$ |
0.79 |
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$ |
0.99 |
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$ |
2.27 |
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$ |
2.05 |
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Antidilutive stock options not included in the calculation of diluted earnings per share |
22 |
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10 |
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24 |
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5 |
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(1) |
In accordance with ASC Subtopic 260-10, Earnings Per Share, we calculate the dilutive effect of convertible securities using the "if-converted" method.
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