Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2016

Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.

For the years ended December 31, 2016, 2015, and 2014, 386,771, 3,239,425, and 1,871,681, respectively, of common stock equivalents related to equity-based awards were not included in the diluted per share calculation as the shares would be antidilutive.

The 3.25% Convertible Senior Notes (“Convertible Notes”) were not included in the computation of diluted net income (loss) per share for the years ended December 31, 2015, and 2014 because there is no excess value upon conversion over the principal amount of the Convertible Notes. The outstanding Convertible Notes were redeemed in the third quarter of 2016.



	Year ended December 31,
In thousands except per share amounts	2016		2015			2014
Net income (loss) available to common stockholders	$	55,352	$	(367,183	)	$	(1,186,874	)
Weighted average shares:
Basic	159,853		129,639			102,441
Effect of stock-based compensation plans	3,606		—			—
Diluted	163,459		129,639			102,441
Income (loss) per share:
Basic	$	0.35	$	(2.83	)	$	(11.59	)
Diluted	$	0.34	$	(2.83	)	$	(11.59	)

During the second quarter 2016, the Company completed a $75.0 million “at the market” common stock offering (the “$75.0 million offering”). In connection with the $75.0 million offering, the Company sold 9,253,016 shares of its common stock. During the third and fourth quarter 2016, the Company completed a $200.0 million “at the market” common stock offering (the “$200.0 million offering”). In connection with the $200.0 million offering, the Company sold 17,691,094 shares of its common stock.