Earnings Per Share

9 Months Ended

Sep. 30, 2015

13. Earnings Per Share

Earnings per share have been computed using the weighted average number of ordinary shares and ordinary share equivalents outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per share:


(Dollars in thousands,	Quarters Ended September 30,					Nine Months Ended September 30,
except share and per share data)	2015			2014		2015		2014
Net income (loss)	$	(3,746	)	$	9,761	$	14,165	$	51,792

Basic earnings per share:
Weighted average shares outstanding – basic		25,463,994			25,137,531		25,452,991		25,126,684

Net income (loss) per share	$	(0.15	)	$	0.39	$	0.56	$	2.06

Diluted earnings per share:
Weighted average shares outstanding – diluted		25,704,931			25,334,716		25,684,931		25,323,187

Net income (loss) per share	$	(0.15	)	$	0.39	$	0.55	$	2.05

A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows:


	Quarters Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Weighted average shares for basic earnings per share		25,463,994		25,137,531		25,452,991		25,126,684
Non-vested restricted stock		138,261		89,114		128,942		88,710
Options		102,676		108,071		102,998		107,793

Weighted average shares for diluted earnings per share		25,704,931		25,334,716		25,684,931		25,323,187

The weighted average shares outstanding used to determine dilutive earnings per share for the quarters ended September 30, 2015 and 2014 do not include 512,500 and 12,500 options, respectively, which were deemed to be anti-dilutive. The weighted average shares outstanding used to determine dilutive earnings per share for the nine months ended September 30, 2015 and 2014 do not include 512,500 and 12,500 options, respectively, which were deemed to be anti-dilutive.

The following table summarizes options which are deemed to be anti-dilutive at September 30, 2015:


Grant Date	Expiration Date	Outstanding Options		Strike Price
February 9, 2014	February 10, 2024		300,000		32.38
January 1, 2015	January 1, 2025		200,000		28.37
November 2, 2005 (1)	November 3, 2015		12,500		37.70

			512,500

(1)

Represents anti-dilutive options at September 30, 2014.