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Earnings Per Share | 6 Months Ended
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Jun. 30, 2014
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The two-class method is utilized for the computation of the Company's earnings per share (“EPS”). The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, which included the Company’s restricted stock awards. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period. The following table sets forth the calculation of EPS for the three and six months ended June 30, 2014 and 2013.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
|  | (In thousands, except per share amounts)
Weighted average basic common shares outstanding |  | 23,298 |  |  | 23,315 |  |  | 23,318 |  |  | 22,796 |
Dilutive effect of contingently convertible notes and warrants |  | 2,937 |  |  | 1,660 |  |  | 2,513 |  |  | 1,743 |
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock |  | 7 |  |  | 5 |  |  | 6 |  |  | 5 |
Weighted average dilutive common shares outstanding |  | 26,242 |  |  | 24,980 |  |  | 25,837 |  |  | 24,544 |
Basic: |  |  |  |  |  |  |  |
Net Income |  | $ | 16,862 |  |  | $ | 37,388 |  |  | $ | 48,165 |  |  | $ | 59,506 |
Less: Earnings allocated to participating securities |  | 675 |  |  | 1,689 |  |  | 1,923 |  |  | 2,684 |
Earnings available to basic common shares |  | $ | 16,187 |  |  | $ | 35,699 |  |  | $ | 46,242 |  |  | $ | 56,822 |
Basic earnings per common share |  | $ | 0.70 |  |  | $ | 1.53 |  |  | $ | 1.98 |  |  | $ | 2.49 |
Diluted: |  |  |  |  |  |  |  |
Net Income |  | $ | 16,862 |  |  | $ | 37,388 |  |  | $ | 48,165 |  |  | $ | 59,506 |
Less: Earnings allocated to participating securities |  | 619 |  |  | 1,592 |  |  | 1,773 |  |  | 2,522 |
Earnings available to diluted common shares |  | $ | 16,243 |  |  | $ | 35,796 |  |  | $ | 46,392 |  |  | $ | 56,984 |
Diluted earnings per common share |  | $ | 0.62 |  |  | $ | 1.43 |  |  | $ | 1.80 |  |  | $ | 2.32 |
As discussed in Note 9, “Long-Term Debt”, the Company is required to include the dilutive effect, if applicable, of the net shares issuable under the 2.25% Notes (as defined in Note 9) and the warrants sold in connection with the 2.25% Notes (“2.25% Warrants”) in its diluted common shares outstanding for the diluted earnings calculation. As a result, the number of shares included in the Company's diluted shares outstanding each period varies based upon the Company's average adjusted closing common stock price during the applicable period. Although the ten-year call options that the Company purchased on its common stock in connection with the issuance of the 2.25% Notes (“2.25% Purchased Options”) have the economic benefit of decreasing the dilutive effect of the 2.25% Notes, the Company cannot factor this benefit into the diluted common shares outstanding for the diluted earnings calculation since the impact would be anti-dilutive. The average adjusted closing price of the Company's common stock for the three months ended June 30, 2014 and 2013 was more than the conversion price then in effect at the end of those periods. Therefore, the respective dilutive effect of the 2.25% Notes was included in the computation of diluted EPS for the three and six months ended June 30, 2014 and 2013. Refer to Note 9, "Long-Term Debt" for a description of the change to the conversion price of the 2.25% Notes, which occurred during the three months ended June 30, 2014 as a result of the Company’s decision to pay a cash dividend in excess of $0.14, as well as the convertibility of the 2.25% Notes as of June 30, 2014 and for further discussion of the Company's notice of redemption issued subsequent to June 30, 2014. In addition, the Company is required to include the dilutive effect, if applicable, of the net shares issuable under the 3.00% Notes (as defined in Note 9, "Long-Term Debt" ) and the warrants sold in connection with the 3.00% Notes (“3.00% Warrants”). As a result, the number of shares included in the Company's diluted shares outstanding each period varies based upon the Company's average adjusted closing common stock price during the applicable period. Although the ten-year call options that the Company purchased on its common stock in connection with the issuance of the 3.00% Notes (“3.00% Purchased Options”) have the economic benefit of decreasing the dilutive effect of the 3.00% Notes, the Company cannot factor this benefit into the diluted common shares outstanding for the diluted earnings calculation since the impact would be anti-dilutive. Since the average price of the Company’s common stock for the three months ended June 30, 2014 and 2013, was more than the conversion price then in effect at the end of those periods, the respective dilutive effect of the 3.00% Notes and Warrants was included in the computation of diluted EPS for the three and six months ended June 30, 2014 and 2013. Refer to Note 9, "Long-Term Debt" for a description of the change to the conversion price of the 3.00% Notes, which occurred during the three months ended June 30, 2014 as a result of the Company’s decision to pay a cash dividend, as well as the convertibility of the 3.00% Notes as of June 30, 2014 and for further discussion of the Company's purchase of $92.5 million of the 3.00% Notes on June 25, 2014.

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