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Earnings per share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings (loss) per share
Earnings (loss) per share
Basic earnings (loss) per share ("EPS") amounts are calculated by dividing net income (loss) allocated to common stockholders by the weighted average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive common shares outstanding.
Our Series A Convertible Preferred Stock has similar characteristics to a "participating security" as described by ASC 260 "Earnings Per Share" and we calculate the amount of earnings (loss) available to common stockholders and basic EPS using the Two-Class Method earnings allocation formula, allocating undistributed income to our preferred stockholder consistent with their participation rights, and diluted EPS using the If-Converted Method when applicable.
Our Series A Convertible Preferred Stock is a non-cumulative perpetual participating convertible preferred stock with no set dividend preferences.  The holders of our convertible preferred stock do not have a contractual obligation to share in our losses.  In periods where we report net losses, we do not allocate these losses to the convertible preferred stock for the computation of basic or diluted EPS.
The following table shows the basic and diluted earnings (loss) per share for the three months ended March 31, 2015 and 2014:
 
For the three months ended March 31,
 
2015
 
2014
 
Income
Shares (000)
Per-Share
 
Loss
Shares (000)
Per-Share
Net income (loss)
$
73,779

 
 
 
$
(20,104
)
 
 
Amount allocated to common stockholders (1)
91.91
%
 
 
 
100
%
 
 
Basic EPS:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders
67,813

88,814

$
0.76

 
(20,104
)
88,717

$
(0.23
)
Effect of Dilutive Securities:
 
 
 
 
 
 
 
Share-based compensation plans
—

555

 
 
—

—

 
Diluted EPS:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders with assumed conversion
$
67,813

89,369

$
0.76

 
$
(20,104
)
88,717

$
(0.23
)

(1)
We have not allocated net losses between common and preferred stockholders, as the holders of our preferred shares do not have a contractual obligation to share in the loss.
Securities excluded from the calculation of diluted EPS:
Three months ended March 31,
 
2015
2014
 
 
 
Stock options (1)
333,266

603,032

Service-based share awards (1)
—

442,456

(1)
In periods when we report a net loss, all share awards are excluded from the calculation of diluted weighted average shares outstanding because of their antidilutive effect on earnings (loss) per share. In periods when we report net income, certain option awards may be excluded from the calculation of diluted EPS if the exercise price of the option award was greater than the average market price of the underlying common stock.