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Income (Loss) Per Common Share
 12 Months Ended
Dec. 31, 2013
Income (Loss) Per Common Share  
Income (Loss) Per Common Share

2.  Income (Loss) Per Common Share

 

The following table sets forth basic and diluted net income (loss) per common share and the basic weighted average shares outstanding and diluted weighted average shares outstanding (in thousands, except per share data):

 

 

 

Year ended December 31,

 

 

 

2013

 

2012

 

2011

 

Net income (loss)

 

$

(42,263

)

$

30,928

 

$

127,987

 

Net income (loss) per common share:

 

 

 

 

 

 

 

Basic

 

$

(1.09

)

$

0.80

 

$

3.23

 

Diluted

 

$

(1.09

)

$

0.79

 

$

3.11

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

38,807

 

38,477

 

39,658

 

Dilutive effect of stock options, restricted stock awards and units and convertible debt

 

—

 

574

 

1,497

 

Diluted weighted average shares outstanding

 

38,807

 

39,051

 

41,155

 

 

Basic income (loss) per common share is computed using the basic weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is computed using the basic weighted average number of common shares and common equivalent shares outstanding during the period. For the year ended December 31, 2013, the effect of approximately 0.6 million common equivalent shares were excluded from the calculation of diluted net loss per share because their inclusion would have been anti-dilutive due to the net loss sustained during the period. Potentially dilutive securities attributable to outstanding stock options and restricted stock of approximately 1.3 million, 1.3 million and 0.7 million common equivalent shares during the years ended December 31, 2013, 2012 and 2011 were excluded from the calculation of diluted net income (loss) per share because their inclusion would have been anti-dilutive.

 

During the second quarter of 2011 the entire outstanding principal balance of our convertible debt was converted, with the principal amount paid in cash and the conversion premium paid in shares. The convertible notes met the criteria for determining the effect of the assumed conversion using the treasury stock method of accounting, since we had settled the principal amount of the notes in cash. Using the treasury stock method, it was determined that the impact of the assumed conversion for the years ended December 31, 2011 had a dilutive effect of 0.6 million shares.