EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2015

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



	Three months ended
	March 31,
	2015			2014
	(As restated)			(As restated)
Net income attributable to Titan	$	232		$	2,163
Redemption value adjustment	(2,930		)	(1,018		)
Net income (loss) applicable to common shareholders	$	(2,698	)	$	1,145
Determination of Shares:
Weighted average shares outstanding (basic)	53,663			53,470
Effect of stock options/trusts	—			304
Weighted average shares outstanding (diluted)	53,663			53,774
Earnings per share:
Basic	(0.05		)	0.02
Diluted	(0.05		)	0.02

The effect of convertible notes has been excluded for both of the three months ended March 31, 2015 and 2014, as the effect would have been antidilutive. The weighted average share amount excluded for convertible notes totaled 5.6 million shares and 5.8 million shares for the three months ended March 31, 2015 and 2014, respectively.