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NET (LOSS) INCOME PER SHARE
 9 Months Ended
Sep. 30, 2014
NET (LOSS) INCOME PER SHARE  
NET (LOSS) INCOME PER SHARE

NOTE 9   NET (LOSS) INCOME PER SHARE

 

Basic net (loss) income per share is computed by dividing the net (loss) income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net (loss) income 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 (loss) income per share for the three and nine months ended September 30, 2014 and 2013:

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

(in thousands, except per share)

 

Net (loss) income

 

$
(13,033

)

$
3,264

 

$
(99,168

)

$
(136,399

)

Weighted average common shares (thousands):

 

 

 

 

 

 

 

 

 

Basic

 
297,164

 
297,125

 
297,162

 
297,001

 

Effect of employee stock-based awards

 

—

 
774

 

—

 

—

 

Diluted

 
297,164

 
297,899

 
297,162

 
297,001

 

Net (loss) income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$
(0.04

)

$
0.01

 

$
(0.33

)

$
(0.46

)

Diluted

 

$
(0.04

)

$
0.01

 

$
(0.33

)

$
(0.46

)

 

For the three months ended September 30, 2014, options to purchase 3.2 million shares of common stock outstanding at September 30, 2014 (September 30, 2013 — 2.1 million) at an average exercise price of $4.28 per share (September 30, 2013 — $5.01) 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 September 30, 2014 and 2013, respectively. Other outstanding options to purchase 3.2 million shares of common stock were not included in the computation of diluted weighted average shares in the three months ended September 30, 2014 because their effect would have been anti-dilutive.

 

For the nine months ended September 30, 2014, options to purchase 3.2 million shares of common stock outstanding at September 30, 2014 (September 30, 2013 — 2.0 million options) at an average exercise price of $4.28 per share (September 30, 2013 — $5.16) 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 September 30, 2014 and 2013, respectively. Other outstanding options to purchase 3.2 million shares of common stock (September 30, 2013 — 3.6 million options) were not included in the computation of diluted weighted average shares in the nine months ended September 30, 2014 and 2013, respectively, because their effect would have been anti-dilutive.