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Earnings (Loss) Per Share
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
Earnings (Loss) Per Share
Diluted earnings (loss) per common share is computed by dividing income (loss) by the weighted average number of shares of common stock outstanding plus outstanding common stock equivalents. Common stock equivalents consist of employee and director stock options (Predecessor), restricted stock awards (Predecessor and Successor), other share-based payment awards (Predecessor), and contingently issuable shares related to the Company’s 5.25% Convertible Notes (Predecessor), and the Company's Second Lien Notes (Successor), which are included in the calculation of weighted average shares outstanding using the treasury stock method, if dilutive. Refer to Note 8 - Debt for further description of the New Convertible Notes and Second Lien Notes.
The following tables are reconciliations of the basic and diluted earnings (loss) per common share calculations:
 
 
Successor
 
 
Predecessor
 
September 1, 2017 Through September 30, 2017
 
 
July 1, 2017
Through
August 31, 2017
 
Three Months
Ended
September 30, 2016
 
 
 
 
Numerator:
 
 
 
 
 
 
(Loss) income from continuing operations
$
(821
)
 
 
$
72,223

 
$
(18,298
)
Income from discontinued operations, net of income taxes
—

 
 
—

 
(1,688
)
Net (loss) income
$
(821
)
 
 
$
72,223

 
$
(19,986
)
Denominator:
 
 
 
 
 
 
Weighted average common shares outstanding
2,000

 
 
31,790

 
32,260

Effect of dilutive securities:
 
 
 
 
 
 
Outstanding common stock equivalents
—

 
 
—

 
—

Denominator for diluted earnings (loss) per common share
2,000

 
 
31,790

 
32,260

 
 
 
 
 
 
 
Basic earnings (loss) per common share:
 
 
 
 
 
 
Continuing operations
$
(0.41
)
 
 
$
2.27

 
$
(0.57
)
Discontinued operations
—

 
 
—

 
(0.05
)
Net basic (loss) earnings per common share
$
(0.41
)
 
 
$
2.27

 
$
(0.62
)
 
 
 
 
 
 
 
Diluted earnings (loss) per common share:
 
 
 
 
 
 
Continuing operations
$
(0.41
)
 
 
$
2.27

 
$
(0.57
)
Discontinued operations
—

 
 
—

 
(0.05
)
Net diluted (loss) earnings per common share
$
(0.41
)
 
 
$
2.27

 
$
(0.62
)
Excluded outstanding share-based awards having an anti-dilutive effect
1,734

 
 
—

 
2,326

Excluded "in the money" portion of 5.25% Convertible Notes (Predecessor) having an anti-dilutive effect
—

 
 
—

 
—

Excluded "in the money" portion of Second Lien Notes (Successor) having an anti-dilutive effect
—

 
 
—

 
—



 
Successor
 
 
Predecessor
 
September 1, 2017 Through September 30, 2017
 
 
January 1, 2017
Through
August 31, 2017
 
Nine Months
Ended
September 30, 2016
 
 
 
 
Numerator:
 
 
 
 
 
 
Loss from continuing operations
$
(821
)
 
 
$
36,190

 
$
(84,372
)
Income from discontinued operations, net of income taxes
—

 
 
—

 
6,246

Net loss
$
(821
)
 
 
$
36,190

 
$
(78,126
)
Denominator:
 
 
 
 
 
 
Weighted average common shares outstanding
2,000

 
 
32,174

 
27,909

Effect of dilutive securities:
 
 
 
 
 
 
Outstanding common stock equivalents
—

 
 
—

 
—

Denominator for diluted earnings (loss) per common share
2,000

 
 
32,174

 
27,909

 
 
 
 
 
 
 
Basic earnings (loss) per common share:
 
 
 
 
 
 
Continuing operations
$
(0.41
)
 
 
$
1.12

 
$
(3.02
)
Discontinued operations
—

 
 
—

 
0.22

Net basic (loss) earnings per common share
$
(0.41
)
 
 
$
1.12

 
$
(2.80
)
 
 
 
 
 
 
 
Diluted earnings (loss) per common share:
 
 
 
 
 
 
Continuing operations
$
(0.41
)
 
 
$
1.12

 
$
(3.02
)
Discontinued operations
—

 
 
—

 
0.22

Net diluted (loss) earnings per common share
$
(0.41
)
 
 
$
1.12

 
$
(2.80
)
Excluded outstanding share-based awards having an anti-dilutive effect
1,734

 
 
—

 
2,326

Excluded "in the money" portion of 5.25% Convertible Notes (Predecessor) having an anti-dilutive effect
—

 
 
—

 
—

Excluded "in the money" portion of Second Lien Notes (Successor) having an anti-dilutive effect
—

 
 
—

 
—


The Second Lien Notes (Successor) are dilutive to the extent the Company generates net income and the average stock price during the period is greater than $3.77 per share, which is the conversion price of the Second Lien Notes. The Second Lien Notes are only dilutive for the “in the money” portion of the Second Lien Notes that could be settled with the Company’s common stock. In future periods, absent a fundamental change (as defined in the Second Lien Convertible Notes indenture), the outstanding Second Lien Convertible Notes could increase diluted average shares outstanding by a maximum of approximately 43,700 shares.