Earnings Per Share and Capital Structure

The following table sets forth the computation of basic and diluted earnings per share (EPS):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014		2013
	(in thousands, except per share data)
Net income (loss) available to common shareholders	$	7,308	$	(7,348	)	$	26,313	$	7,621

Weighted average common shares outstanding - Basic	39,213		39,127			39,268		39,325
Dilutive effect of stock-based awards	280		—			248		298
Weighted average common shares outstanding - Diluted	39,493		39,127			39,516		39,623
Earnings (loss) per common share - Basic	$	0.19	$	(0.19	)	$	0.67	$	0.19
Earnings (loss) per common share - Diluted	$	0.19	$	(0.19	)	$	0.67	$	0.19

Stock-based Awards

For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include the amount the employee must pay upon exercise, future compensation cost associated with the stock award, and the amount of excess tax benefits, if any. Approximately 1.1 million and 1.2 million stock-based awards were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2014, and approximately 1.3 million and 1.1 million stock-based awards were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2013, because they were anti-dilutive. These stock-based awards could be dilutive in future periods.

Preferred Stock

We have authorized the issuance of 10 million shares of preferred stock with no par value. In the event of a liquidation, dissolution, or winding up of the affairs of the corporation, whether voluntary or involuntary, the holders of any outstanding preferred stock would be entitled to be paid a preferential amount per share to be determined by the Board of Directors prior to any payment to holders of common stock. There was no preferred stock issued or outstanding at September 30, 2014 and December 31, 2013.

Stock Repurchase Plan

On March 8, 2013, the Board authorized a 12-month repurchase program of up to $50 million in shares of our common stock. The March 8, 2013 authorization expired on March 7, 2014. From January 1, 2014 through March 7, 2014, we repurchased 75,203 shares of our common stock, totaling $2.9 million.

On February 7, 2014, the Board authorized a 12-month repurchase program of up to $50 million in shares of our common stock, to begin on March 8, 2014, upon the expiration of the previous stock repurchase program. From March 8, 2014 through September 30, 2014, we repurchased 311,177 shares of our common stock, totaling $12.4 million, and $37.6 million remains under the current program for future purchases.