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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2014
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE I — EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per share:
|  | Three Months Ended |  | Six Months Ended |
|  | June 30 |  | June 30 |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
|  | (in thousands, except share and per share data) |
Basic |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 17,208 |  | $ | 4,878 |  | $ | 12,015 |  | $ | (8,517 | )
Effect of unvested restricted stock unit awards |  | (848 | ) | (215 | ) | (602 | ) | (74 | )
Adjusted net income (loss) |  | $ | 16,360 |  | $ | 4,663 |  | $ | 11,413 |  | $ | (8,591 | )
Denominator: |  |  |  |  |  |  |  |  |
Weighted-average shares |  | 26,005,105 |  | 25,694,327 |  | 25,941,370 |  | 25,666,484 |
Earnings (loss) per common share |  | $ | 0.63 |  | $ | 0.18 |  | $ | 0.44 |  | $ | (0.33 | )
Diluted |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 17,208 |  | $ | 4,878 |  | $ | 12,015 |  | $ | (8,517 | )
Effect of unvested restricted stock unit awards |  | (848 | ) | (215 | ) | (602 | ) | (74 | )
Adjusted net income (loss) |  | $ | 16,360 |  | $ | 4,663 |  | $ | 11,413 |  | $ | (8,591 | )
Denominator: |  |  |  |  |  |  |  |  |
Weighted-average shares |  | 26,005,105 |  | 25,694,327 |  | 25,941,370 |  | 25,666,484 |
Effect of dilutive securities |  | — |  | — |  | 676 |  | — |
Adjusted weighted-average shares and assumed conversions |  | 26,005,105 |  | 25,694,327 |  | 25,942,046 |  | 25,666,484 |
Earnings (loss) per common share |  | $ | 0.63 |  | $ | 0.18 |  | $ | 0.44 |  | $ | (0.33 | )
Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested restricted stock units, which are considered participating securities. For each of the three-month periods ended June 30, 2014 and 2013, outstanding stock awards of 0.7 million were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing the earnings per share calculated under the treasury stock method. For the six months ended June 30, 2014, outstanding stock awards of 0.8 million were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing the earnings per share calculated under the treasury stock method. For the six months ended June 30, 2013, outstanding stock awards of 0.7 million were not included in the diluted loss per share calculation because their inclusion would have the effect of decreasing the loss per share.

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