(Loss) Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2016

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

Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common shareholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following tables set forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands except per share amounts):

		Three Months Ended March 31,
		2016			2015
Net (loss) income, as reported	$	(91,710	)	$	27,684
Participating earnings ^(a)		(56	)		(463	)
Basic net (loss) income attributed to common shareholders		(91,766	)		27,221
Reallocation of participating earnings ^(a)		¾			¾
Diluted net (loss) income attributed to common shareholders	$	(91,766	)	$	27,221
Net (loss) income per common share:
Basic	$	(0.55	)	$	0.16
Diluted	$	(0.55	)	$	0.16

^(a)

Restricted Stock 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):

	Three Months Ended March 31,
	2016	2015
Weighted average common shares outstanding – basic	166,803	166,039
Effect of dilutive securities:
Director and employee SARs	¾	27
Weighted average common shares outstanding – diluted	166,803	166,066