Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2015

Net Income (Loss) Per Common Share [Abstract]

Net Income (Loss) Per Common Share

(10) Net Income (Loss) Per Common Share:

The reconciliation of the net income (loss) per common share calculation is as follows:

	For the three months ended
($ in millions and shares in thousands, except per share amounts)	March 31,
	2015		2014
Net income (loss) used for basic and diluted earnings
per common share:
Net income (loss)	$	(51)	$	39
Less:  Dividends paid on unvested restricted stock awards		(1)		(1)
Total basic and diluted net income (loss)	$	(52)	$	38
Basic earnings per common share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		1,002,173		1,000,960
Less:  Weighted average unvested restricted stock awards		(7,457)		(6,934)
Total weighted average shares outstanding - basic		994,716		994,026
Basic net income (loss) per common share	$	(0.05)	$	0.04
Diluted earnings per common share:
Total weighted average shares outstanding - basic		994,716		994,026
Effect of dilutive shares		-		1,502
Total weighted average shares outstanding - diluted		994,716		995,528
Diluted net income (loss) per common share	$	(0.05)	$	0.04

Stock Options

For each of the three months ended March 31, 2015 and 2014, options to purchase 83,000 shares, issuable under employee compensation plans were excluded from the computation of diluted earnings per share (EPS) for those periods because the exercise prices were greater than the average market price of our common stock and, therefore, the effect would be antidilutive. In calculating diluted EPS, we apply the treasury stock method and include future unearned compensation as part of the assumed proceeds.

Stock Units

At March 31, 2015 and 2014, we had 1,166,000 and 1,314,000 stock units, respectively, issued under our Non-Employee Directors’ Deferred Fee Equity Plan (Deferred Fee Plan) and the Non-Employee Directors’ Equity Incentive Plan (Directors’ Equity Plan). These securities have not been included in the diluted income per share of common stock calculation because their inclusion would have an antidilutive effect. Compensation costs associated with the issuance of stock units were $1 million and $2 million for the three months ended March 31, 2015 and 2014, respectively.

In calculating diluted net loss per common share for the three months ended March 31, 2015, the effect of common stock equivalents is excluded from the computation as the effect would be antidilutive.