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INCOME (LOSS) PER SHARE
 6 Months Ended
Jun. 30, 2014
INCOME (LOSS) PER SHARE  
INCOME (LOSS) PER SHARE

NOTE 9   INCOME (LOSS) PER SHARE

 

Basic net income (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed similarly except that the weighted average number of common shares is increased to reflect all dilutive instruments.

 

Below is a reconciliation of the basic and diluted weighted average number of common shares and the computations for basic income (loss) per share for the three and six months ended June 30, 2014 and 2013:

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

(in thousands, except per share)

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$
(104,022

)

$
(128,681

)

$
(86,135

)

$
(139,663

)

Weighted average number of common shares

 
297,164

 
297,097

 
297,162

 
296,938

 

Loss per common share

 

$
(0.35

)

$
(0.43

)

$
(0.29

)

$
(0.47

)

 

For the three months ended June 30, 2014, options to purchase 2.0 million shares of common stock outstanding at June 30, 2014 (June 30, 2013 — 3.8 million) at an average exercise price of $5.03 per share (June 30, 2013 — $3.90) were not included in the computation of diluted weighted average shares because their exercise price exceeded the average price of the Company’s common stock for the three months ended June 30, 2014 and 2013, respectively. Other outstanding options to purchase 0.9 million (June 30, 2013 — 0.8 million) shares of common stock were not included in the computation of diluted weighted average shares in the three  months ended June 30, 2014 and 2013, respectively, because their effect would have been anti-dilutive.

 

For the six months ended June 30, 2014, options to purchase 1.4 million shares of common stock outstanding at June 30, 2014 (June 30, 2013 — 1.6 million) at an average exercise price of $5.96 per share (June 30, 2013 — $5.98) were not included in the computation of diluted weighted average shares because their exercise price exceeded the average price of the Company’s common stock for the three months ended June 30, 2014 and 2013, respectively. Other outstanding options to purchase 1.1 million shares of common stock (June 30, 2013 — 1.0 million) were not included in the computation of diluted weighted average shares in the six  months ended June 30, 2014 and 2013, respectively, because their effect would have been anti-dilutive.