Quarterly report pursuant to Section 13 or 15(d)

Earnings and Net Income (Loss) per Common Share

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Earnings and Net Income (Loss) per Common Share
 3 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings and Net Income (Loss) per Common Share
Earnings and Net Income 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 and diluted EPS for the three months ended June 30, 2014 and 2013, respectively, are as follows:
 
 
Three Months Ended June 30, 2014
 
Three Months Ended June 30, 2013
Basic net income (loss) per common share
 
 
 
 
Net income (loss)
 
$
11,534

 
$
(6,938
)
Weighted-average common shares outstanding
 
31,943,534

 
31,342,078

Basic net income (loss) per common share
 
$
0.36

 
$
(0.22
)
 
 
Three Months Ended June 30, 2014
 
Three Months Ended June 30, 2013
Diluted net income (loss) per common share
 
 

 
 

Net income (loss)
 
$
11,534

 
$
(6,938
)
Weighted-average common shares outstanding
 
31,943,534

 
31,342,078

Common share equivalents:
 
 
 
 
Stock options
 
298,948

 
—

Restricted and performance stock units
 
97,455

 
—

Weighted average shares outstanding – dilutive (1)
 
32,339,937

 
31,342,078

Diluted net income (loss) per common share
 
$
0.36

 
$
(0.22
)
(1) For the three months ended June 30, 2014, 49,193 equity awards were not included in the calculation of diluted net income per common share since they would have had an anti-dilutive effect. 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.