Loss Per Common Share

6 Months Ended

Jun. 30, 2016

(6) LOSS 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 June 30,						Six Months Ended June 30,
		2016			2015			2016			2015
Net loss, as reported	$	(224,936	)	$	(118,594	)	$	(316,646	)	$	(90,910	)
Participating earnings ^(a)		(56	)		(111	)		(111	)		(224	)
Basic net loss attributed to common shareholders		(224,992	)		(118,705	)		(316,757	)		(91,134	)
Reallocation of participating earnings ^(a)		¾			¾			¾			¾
Diluted net loss attributed to common shareholders	$	(224,992	)	$	(118,705	)	$	(316,757	)	$	(91,134	)
Net loss per common share:
Basic	$	(1.35	)	$	(0.71	)	$	(1.90	)	$	(0.55	)
Diluted	$	(1.35	)	$	(0.71	)	$	(1.90	)	$	(0.55	)

^(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.

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 June 30,		Six Months Ended June 30,
	2016	2015	2016	2015
Weighted average common shares outstanding – basic	167,126	166,421	166,964	166,230
Effect of dilutive securities:
Director and employee SARs	¾	¾	¾	¾
Weighted average common shares outstanding – diluted	167,126	166,421	166,964	166,230

Weighted average common shares outstanding-basic for both the three months ended June 30, 2016 and the three months ended June 30, 2015 excludes 2.8 million shares of restricted stock held in our deferred compensation plan (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding-basic for both the six months ended June 30, 2016 and the six months ended June 31, 2015 also exclude 2.8 million shares of restricted stock held in our deferred compensation plan. Due to our net loss from operations for the three months and six months ended June 30, 2016 and 2015, we excluded all outstanding stock appreciation rights (“SARs”) and restricted stock from the computation of diluted net loss per share because the effect would have been anti-dilutive.