Quarterly report pursuant to Section 13 or 15(d)

Earnings and Net Income (Loss) per Common Share

v2.4.0.8
Earnings and Net Income (Loss) per Common Share
 3 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings and Net Income (Loss) per Common Share
Earnings and Net Income (Loss) per Common Share
Basic earnings per share ("EPS") and net loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes options and both restricted and performance stock units, is computed using the treasury stock method.  With regard to the performance stock units, we assumed that the target number of shares would be issued within the calculation of diluted net income per common share.
The reconciliations of the denominators used to calculate basic EPS and diluted EPS for the three months ended June 30, 2013 and 2012, respectively, are as follows:
 
Three Months Ended June 30, 2013
 
Three Months Ended June 30, 2012
Basic net income (loss) per common share
 
 
 
Net income (loss)
$
(6,938
)
 
$
6,600

Weighted-average common shares outstanding
31,342,078

 
30,341,021

Basic net income (loss) per common share
$
(0.22
)
 
$
0.22

 
Three Months Ended June 30, 2013
 
Three Months Ended June 30, 2012
Diluted net income (loss) per common share
 

 
 

Net income (loss)
$
(6,938
)
 
$
6,600

Weighted-average common shares outstanding
31,342,078

 
30,341,021

Common share equivalents:
 
 
 
Stock options issued
—

 
1,069,124

Restricted and performance stock units issued
—

 
—

Weighted average shares outstanding – dilutive (1)
31,342,078

 
31,410,145

Diluted net income (loss) per common share
$
(0.22
)
 
$
0.21


(1) For the three months ended June 30, 2013, the Company was in a net loss position; therefore, 649,125 common stock equivalents were not included in the calculation of diluted loss per common share since they would have had an anti-dilutive effect.