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Income Per Common Share (Tables)
9 Months Ended
Sep. 30, 2013
Computations of Basic and Diluted (Loss) Income Per Common Share

Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following tables set forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands except per share amounts):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2013

 

 

2012

 

 

2013

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss), as reported

$

  19,178

 

 

$

(53,836

)

 

$

  87,551

 

 

$

(39,960

)

Participating basic earnings (a)

 

(341

)

 

 

(119

)

 

 

(1,479

)

 

 

(348

)

Basic net income (loss) attributed to common shareholders

 

  18,837

 

 

 

(53,955

)

 

 

  86,072

 

 

 

(40,308

)

Reallocation of participating earnings (a)

 

  1

 

 

 

 

 

 

  6

 

 

 

 

Diluted net income (loss) attributed to common shareholders

$

  18,838

 

 

$

(53,955

)

 

$

  86,078

 

 

$

(40,308

)

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

  0.12

 

 

$

(0.34

)

 

$

  0.54

 

 

$

(0.25

)

Diluted

$

  0.12

 

 

$

(0.34

)

 

$

  0.53

 

 

$

(0.25

)

(a)              Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding

The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2013

 

 

2012

 

 

2013

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

   

 

 

 

   

 

 

 

   

 

  

 

   

 

Weighted average common shares outstanding – basic

 

  160,500

 

 

 

  159,563

 

 

 

  160,398

 

  

 

  159,297

 

Effect of dilutive securities:

 

 

 

 

 

   

 

 

 

 

 

  

 

   

 

Director and employee stock options and SARs

 

  874

 

 

 

 

 

 

  923

 

  

 

 

Weighted average common shares outstanding – diluted

 

  161,374

 

 

 

  159,563

 

 

 

  161,321

 

  

 

  159,297