EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2015

Earnings per share (EPS) were as follows (amounts in thousands, except per share data):



	Three months ended					Six months ended
	June 30,					June 30,
	2015		2014			2015			2014
	(As restated)		(As restated)			(As restated)			(As restated)
Net income (loss) attributable to Titan	$	6,771	$	(20,511	)	$	7,003		$	(18,348	)
Redemption value adjustment	2,580		(659		)	(350		)	(1,677		)
Net income (loss) applicable to common shareholders	9,351		(21,170		)	6,653			(20,025		)
Effect of convertible notes	609		—			—			—
Net income (loss) applicable to common shareholders and assumed conversions	$	9,960	$	(21,170	)	$	6,653		$	(20,025	)
Determination of Shares:
Weighted average shares outstanding (basic)	53,686		53,486			53,674			53,478
Effect of stock options/trusts	208		—			184			—
Effect of convertible notes	5,595		—			—			—
Weighted average shares outstanding (diluted)	59,489		53,486			53,858			53,478
Earnings per share:
Basic	$	0.17	$	(0.40	)	$	0.12		$	(0.37	)
Diluted	$	0.17	$	(0.40	)	$	0.12		$	(0.37	)

The effect of stock options/trusts has been excluded for the three and six months ended June 30, 2014, as the effect would have been antidilutive. The weighted average share amount excluded was 0.3 million shares.

The effect of convertible notes has been excluded for the three months ended June 30, 2014, and the six months ended June 30, 2015 and 2014, as the effect would have been antidilutive. The weighted average share amount excluded for convertible notes totaled 5.8 million shares for the three and six months ended June 30, 2014, and 5.6 million shares for the six months ended June 30, 2015.