Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2014

Computations of Basic and Diluted (Loss) Income Per Common Share

Basic income or loss per share attributable to common shareholders is computed as (i) income or loss attributable to common shareholders (ii) less income allocable to participating securities (iii) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (i) basic income or loss attributable to common shareholders (ii) plus diluted adjustments to income allocable to participating securities (iii) divided by weighted average diluted shares outstanding. The following table sets forth a reconciliation of net income or loss to basic income or loss attributable to common shareholders and to diluted income or loss attributable to common shareholders (in thousands except per share amounts):


	Year Ended December 31,
	2014			2013			2012
Net income, as reported	$	634,382		$	115,722		$	13,002
Participating basic earnings ^(a)		(10,725	)		(1,975	)		(460	)
Basic net income attributed to common shareholders		623,657			113,747			12,542
Reallocation of participating earnings ^(a)		48			9			—
Diluted net income attributed to common shareholders	$	623,705		$	113,756		$	12,542
Net income per common share:
Basic	$	3.81		$	0.71		$	0.08
Diluted	$	3.79		$	0.70		$	0.08

^(a)

Restricted stock Liability Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding

The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):

	Year Ended December 31,
	2014	2013		2012
Denominator:
Weighted average common shares outstanding – basic	163,625		160,438		159,431
Effect of dilutive securities:
Director and employee SARs and restricted stock Equity Awards	778		969		876
Weighted average common shares outstanding – diluted	164,403		161,407		160,307