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Earnings (Loss) Per Share and Stockholders' Equity
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share and Stockholders' Equity
Earnings (Loss) Per Share and Stockholders' Equity
Earnings (Loss) Per Share
The following table sets forth the computation of earnings (loss) per common share and earnings (loss) per common share - assuming dilution:
 
Three Months Ended
March 31,
 
2016
 
2015
 
(Dollars in thousands, except per share data)
Numerator:
 
 
 
Net income (loss) - numerator for earnings (loss) per common share
$
(44,841
)
 
$
5,903

 
 
 
 
Denominator:
 
 
 
Weighted average common shares outstanding (1)
82,128,911

 
77,041,704

Effect of dilutive securities:
 
 
 
2015 warrants
60,878

 
806,485

Stock options and deferred compensation agreements
492,567

 
1,159,334

Restricted stock and restricted stock units
279,139

 
110,511

Denominator for earnings (loss) per common share - assuming dilution
82,961,495

 
79,118,034

 
 
 
 
Earnings (loss) per common share
$
(0.55
)
 
$
0.08

Earnings (loss) per common share - assuming dilution
$
(0.55
)
 
$
0.07



(1)
Weighted average common shares outstanding include shares vested under the NMO Deferred Compensation Plan.
Options to purchase shares of our common stock that were outstanding during the respective periods indicated but were not included in the computation of diluted earnings per share because the options' exercise price was greater than the average market price of the common shares are as follows:
Period
 
Number of
Shares
 
Range of
Exercise Prices
 
 
 
 
Minimum
 
Maximum
Three months ended March 31, 2016
 
1,061,541
 
$24.79
 
$24.79
Three months ended March 31, 2015
 
—
 
$—
 
$—

Stockholders' Equity
In August 2015, we completed an underwritten public offering of 8,600,000 shares of our common stock at a public offering price of $25.25 per share, of which 4,300,000 shares are subject to a forward sale agreement. The underwriters exercised in full their option to purchase 1,290,000 additional shares of common stock, which is subject to a separate forward sale agreement. Settlement of the forward sale agreements will occur on one or more dates occurring no later than 12 months after August 12, 2015, the closing date of the offering. If we elect to exercise our rights to physically settle the forward sales agreements, we intend to use the net proceeds from the settlement to make contributions to the capital and surplus of our life insurance subsidiaries to support their continued growth and maintain desired financial strength ratings.
The forward sale agreements had no initial fair value since they were entered into at the then market price of the common stock. The forward sale agreements are equity instruments and they qualify for an exception from derivative and fair value accounting.