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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2014
EARNINGS PER SHARE  
EARNINGS PER SHARE

 

 

NOTE M — EARNINGS PER SHARE

 

The following table sets forth the computation of basic and diluted earnings (loss) per share for the years ended December 31:

 

 

 

2014

 

2013

 

2012

 

 

 

(in thousands, except share and per share data)

 

Basic earnings (loss) per share

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

Net income (loss)

 

$
46,177

 

$
15,811

 

$
(7,732

)

Effect of unvested restricted stock awards

 
(2,300

)
(720

)
(149

)

Adjusted net income (loss)

 

$
43,877

 

$
15,091

 

$
(7,881

)

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

Weighted-average shares

 
25,993,255

 
25,714,205

 
25,564,752

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share

 

$
1.69

 

$
0.59

 

$
(0.31

)

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

Net income (loss)

 

$
46,177

 

$
15,811

 

$
(7,732

)

Effect of unvested restricted stock awards

 
(2,300

)
(720

)
(149

)

Adjusted net income (loss)

 

$
43,877

 

$
15,091

 

$
(7,881

)

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

Weighted-average shares

 
25,993,255

 
25,714,205

 
25,564,752

 

Effect of dilutive securities

 
357

 

—

 

—

 

Adjusted weighted-average shares and assumed conversions

 
25,993,612

 
25,714,205

 
25,564,752

 

Earnings (loss) per common share

 

$
1.69

 

$
0.59

 

$
(0.31

)

 

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 and restricted stock units, which are considered participating securities. For the years ended December 31, 2014 and 2013, outstanding stock awards of 0.7 million and 0.8 million, respectively, were not included in the diluted earnings per share calculations because their inclusion would have the effect of increasing the earnings per share. For the year ended December 31, 2012, 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 decreasing the loss per share.