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EARNINGS PER SHARE
 6 Months Ended
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.