Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v2.4.1.9
Earnings Per Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

14. Earnings Per Share

In accordance with GAAP, the Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities and are included in the computation of earnings per share under the two-class method.

The following table presents the calculation of basic and diluted earnings per common share (in thousands, except per share amounts):

 

 

Year Ended December 31,

 

 

2014

 

 

2013

 

 

2012

 

Net income (loss)

$

(11,661

)

 

$

51,322

 

 

$

71,984

 

Less portion allocated to nonvested shares

 

269

 

 

 

303

 

 

 

983

 

Net income (loss) allocated to common shares

$

(11,930

)

 

$

51,019

 

 

$

71,001

 

Weighted average common shares outstanding

 

75,609

 

 

 

75,239

 

 

 

74,354

 

Basic and diluted earnings (loss) per common share

$

(0.16

)

 

$

0.68

 

 

$

0.95

 

Shares excluded due to being anti-dilutive (weighted-average)

 

29

 

 

 

—

 

 

 

1,923