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Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings (Loss) Per Share
The computation of basic and diluted earnings (loss) per share for the periods indicated is as follows:
 
  
Year Ended December 31,
 
  
2014
  
2013
  
2012
 
Numerator – Basic and Diluted:
      
Net income (loss)
 
$
(417
)
 
$
(90
)
 
$
1,133
 
Net income (loss) attributable to noncontrolling interest
  
10
   
36
   
(1
)
Net income (loss) attributable to Tronox Limited
  
(427
)
  
(126
)
  
1,134
 
Less: Dividends paid (2)
  
—
   
—
   
(61
)
Undistributed earnings (loss)
  
(427
)
  
(126
)
  
1,073
 
Percentage allocated to ordinary shares
  
100
%
  
100
%
  
99.3
%
Undistributed earnings (loss) allocated to ordinary shares
  
(427
)
  
(126
)
  
1,065
 
Add: Dividends paid allocated to ordinary shares (2)
  
—
   
—
   
60
 
Earnings (loss) available to ordinary shares
 
$
(427
)
 
$
(126
)
 
$
1,125
 
Denominator – Basic:
            
Weighted-average ordinary shares (in thousands)
  
114,281
   
113,416
   
98,985
 
Add: Effect of dilutive securities:
            
Restricted stock
  
—
   
—
   
49
 
Warrants
  
—
   
—
   
2,372
 
Denominator – Dilutive
  
114,281
   
113,416
   
101,406
 
Earnings (loss) per ordinary share (1):
            
Basic earnings (loss) per ordinary share
 
$
(3.74
)
 
$
(1.11
)
 
$
11.37
 
Diluted earnings (loss) per ordinary share
 
$
(3.74
)
 
$
(1.11
)
 
$
11.10
 
 
(1)
Our participating securities do not have a contractual obligation to share in losses; therefore, when we have a net loss, none of the loss is allocated to participating securities. Consequently, for the years ended December 31, 2014 and 2013, the two class method did not have an effect on our loss per ordinary share calculation, and as such, dividends paid during the year did not impact this calculation.
(2)
Loss per ordinary share amounts were calculated from exact, not rounded income (loss) and share information.
Computation of Anti-Dilutive Shares
In computing diluted loss per share under the two-class method, we considered potentially dilutive shares. Anti-dilutive shares not recognized in the diluted earnings per share calculation were as follows:
 
  
December 31, 2014
  
December 31, 2013
  
December 31, 2012
 
  
Shares
  
Average
Exercise Price
  
Shares
  
Average
Exercise Price
  
Shares
  
Average
Exercise Price
 
Options
  
2,560,875
  
$
21.14
   
2,094,771
  
$
20.63
   
612,439
  
$
24.81
 
Series A Warrants (1)
  
1,273,917
  
$
11.04
   
1,850,814
  
$
11.52
   
—
  
$
—
 
Series B Warrants (1)
  
1,715,986
  
$
12.19
   
2,409,404
  
$
12.71
   
—
  
$
—
 
Restricted share units
  
875,776
  
$
22.17
   
303,324
  
$
21.08
   
18,990
  
$
21.10
 
 
(1)
Series A Warrants and Series B Warrants were converted into Class A Shares at December 31, 2014 and 2013 using a rate of 5.29 and 5.18, respectively. See Note 20.