(Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

(Loss) Earnings Per Share

(Loss) Earnings Per Share

Diluted (loss) earnings per common share is computed by dividing net (loss) income 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), contingently issuable shares related to the Company’s 5.25% Pre-Bankruptcy Convertible Notes (Predecessor), and the Company's Second Lien Notes (Successor), which are included in the calculation of weighted average shares outstanding using the if-converted method. Refer to Note 7 - Debt for further description of the Pre-Bankruptcy Convertible Notes and Second Lien Notes.

The following tables are reconciliations of the basic and diluted (loss) earnings per common share calculations:

	Successor						Predecessor
	Three Months Ended September 30, 2018			September 1, 2017 Through September 30, 2017			July 1, 2017 Through August 31, 2017
Numerator:
Net (loss) income	$	(6,655	)	$	(821	)	$	72,223
Denominator:
Weighted average common shares outstanding	2,000			2,000			31,790
Effect of dilutive securities:
Outstanding common stock equivalents	—			—			—
Denominator for diluted (loss) earnings per common share	2,000			2,000			31,790
Basic (loss) earnings per common share	$	(3.33	)	$	(0.41	)	$	2.27
Diluted (loss) earnings per common share	$	(3.33	)	$	(0.41	)	$	2.27
Excluded outstanding share-based awards having an anti-dilutive effect	1,803			1,734			—

	Successor						Predecessor
	Nine Months Ended September 30, 2018			September 1, 2017 Through September 30, 2017			January 1, 2017 Through August 31, 2017
Numerator:
Net (loss) income	$	(20,309	)	$	(821	)	$	36,190
Denominator:
Weighted average common shares outstanding	2,000			2,000			32,174
Effect of dilutive securities:
Outstanding common stock equivalents	—			—			—
Denominator for diluted (loss) earnings per common share	2,000			2,000			32,174
Basic (loss) earnings per common share	$	(10.15	)	$	(0.41	)	$	1.12
Diluted (loss) earnings per common share	$	(10.15	)	$	(0.41	)	$	1.12
Excluded outstanding share-based awards having an anti-dilutive effect	1,803			1,734			—

The computation of diluted loss per common share does not include common shares issuable upon conversion of the Company’s outstanding Second Lien Notes (Successor) or the 5.25% Pre-Bankruptcy Convertible Notes (Predecessor), as they were anti-dilutive under the if-converted method.

The Second Lien Notes (Successor) are convertible into shares of the Company’s common stock at any time at the initial conversion price of $3.77 per share. In future periods, absent a fundamental change (as defined in the Second Lien Notes Indenture), the outstanding Second Lien Notes could increase diluted average shares outstanding by a maximum of approximately 43,700 shares.