Net Loss Per Share

12 Months Ended

Dec. 31, 2015

3. Net Loss Per Share

Basic and diluted net loss per share have been calculated using the weighted-average number of common shares outstanding for the period.

The shares of common stock effectively repurchased in connection with the Forward Transactions (as defined and described in Note 6, “Long-Term Debt and Other Liabilities”) are considered participating securities requiring the two-class method to calculate basic and diluted earnings per share. Net earnings in future periods will be allocated between common shares and participating securities. In periods of a net loss, the shares associated with the Forward Transactions will not receive an allocation of losses, as the counterparties to the Forward Transactions are not required to fund losses. Additionally, the calculation of weighted average shares outstanding as of December 31, 2015 excludes approximately 7.2 million shares that will be repurchased as a result of the Forward Transactions.

Prior to our IPO, the three classes of then outstanding preferred stock were all considered participating securities requiring the two-class method to calculate basic and diluted earnings per share. In periods of a net loss attributable to common stock, the three classes of preferred stock were excluded from the computation of basic earnings per share either due to the fact that they were not required to fund losses or because the redemption amount was not reduced as a result of losses.

As a result of the net loss for each of the years ended December 31, 2015, 2014 and 2013 for the periods where such shares or securities were outstanding, all of the outstanding shares of common stock underlying stock options, ACM Units, deferred stock units, restricted stock units and preferred stock were excluded from the computation of diluted shares outstanding because they were anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2015, 2014 and 2013; however, because of the undistributed losses the shares associated with the Forward Transactions and the three classes of our pre-IPO preferred stock are excluded from the computation of basic earnings per share as undistributed losses are not allocated to these shares (in thousands, except per share amounts):


	For the Years Ended December 31,
	2015			2014			2013
Net loss	$	(107,613	)	$	(84,538	)	$	(111,289	)
Less: Preferred stock return		—			—			29,277
Less: Accretion of preferred stock		—			—			5,285
Less: Participation rights of the Forward Transactions		—			—			—

Undistributed losses	$	(107,613	)	$	(84,538	)	$	(145,851	)

Weighted-average common shares outstanding-basic and diluted		79,701			85,147			47,832

Net loss attributable to common stock per share-basic and diluted	$	(1.35	)	$	(0.99	)	$	(3.05	)