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Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings per Share

Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed using the weighted average shares outstanding during the period, but also include the dilutive effect of awards of restricted stock, using the treasury stock method, and outstanding convertible preferred stock. Under the treasury stock method, the amount of unrecognized compensation expense related to unvested stock-based compensation grants is assumed to be used to repurchase shares at the average market price. The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted earnings per share, for the years ended December 31, 2013, 2012 and 2011 (in thousands):
 
Income (Loss)
 
Weighted Average Shares
 
Earnings (Loss) Per Share
 
(In thousands, except per share amounts)
Year Ended December 31, 2011
 
 
 
 
 
Basic earnings per share
$
52,482

 
398,851

 
$
0.13

Effect of dilutive securities
 
 
 
 
 
Restricted stock
—

 
7,794

 
 
Diluted earnings per share
$
52,482

 
406,645

 
$
0.13

Year Ended December 31, 2012
 
 
 
 
 
Basic earnings per share
$
86,046

 
453,595

 
$
0.19

Effect of dilutive securities
 
 
 
 
 
Restricted stock
—

 
2,420

 
 
Diluted earnings per share
$
86,046

 
456,015

 
$
0.19

Year Ended December 31, 2013
 
 
 
 
 
Basic loss per share
$
(609,414
)
 
481,148

 
$
(1.27
)
Effect of dilutive securities
 
 
 
 
 
Restricted stock(1)
—

 
—

 
 
Diluted loss per share
$
(609,414
)
 
481,148

 
$
(1.27
)

____________________
(1)
Restricted stock awards covering 0.5 million shares were excluded from the computation of loss per share because their effect would have been antidilutive.

In computing diluted earnings per share, the Company evaluated the if-converted method with respect to its outstanding 8.5%, 6.0% and 7.0% convertible perpetual preferred stock for the years ended December 31, 2013, 2012, and 2011. See Note 16 for discussion of the Company’s convertible perpetual preferred stock. Under the if-converted method, the Company assumes the conversion of the preferred stock to common stock and determines if this is more dilutive than including the preferred stock dividends (paid and unpaid) in the computation of income available to common stockholders. For the years ended December 31, 2013, 2012 and 2011, the Company determined the if-converted method was antidilutive and included the 8.5%, 6.0% and 7.0% preferred stock dividends in the determination of (loss applicable) income available to common stockholders.

As discussed in Note 16, the Company’s Board adopted a stockholder rights plan in November 2012 under which holders of common stock were issued Rights. As the contingency for exercising these Rights had not been met as of December 31, 2012, the Company did not include the conversion of any Rights in its computation of diluted earnings per share for the year ended December 31, 2012. The Rights expired and the stockholder rights plan was terminated in 2013.