Loss Per Common Share (Tables)

9 Months Ended

Sep. 30, 2016

Computations of Basic and Diluted 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 September 30,						Nine Months Ended September 30,
		2016			2015			2016			2015
Net loss, as reported	$	(41,971	)	$	(300,948	)	$	(358,617	)	$	(391,858	)
Participating earnings ^(a)		(56	)		(114	)		(167	)		(338	)
Basic net loss attributed to common shareholders		(42,027	)		(301,062	)		(358,784	)		(392,196	)
Reallocation of participating earnings ^(a)		¾			¾			¾			¾
Diluted net loss attributed to common shareholders	$	(42,027	)	$	(301,062	)	$	(358,784	)	$	(392,196	)
Net loss per common share:
Basic	$	(0.23	)	$	(1.81	)	$	(2.09	)	$	(2.36	)
Diluted	$	(0.23	)	$	(1.81	)	$	(2.09	)	$	(2.36	)

^(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 September 30,		Nine Months Ended September 30,
	2016	2015	2016	2015
Weighted average common shares outstanding – basic ⁽¹⁾	180,683	166,517	171,571	166,327
Effect of dilutive securities:
Director and employee SARs	¾	¾	¾	¾
Weighted average common shares outstanding – diluted	180,683	166,517	171,571	166,327

⁽¹⁾ Includes common stock issued in connection with the exchange of 77.0 million shares for all outstanding Memorial common stock on September 16, 2016.