7. Weighted Average Common Shares
The Net income (loss) and weighted average number of common shares used in the basic and diluted earnings per share computations were as follows:
|
|
|
Three Months Ended |
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|
|
|
March 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
|
|
(In millions, |
|
|
|
|
except per share amounts) |
|
|
Net income (loss) attributable to Hess Corporation Common Stockholders: |
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of income taxes |
|
$ |
(488 |
) |
|
$ |
(376 |
) |
|
Less: Net income (loss) attributable to noncontrolling interests |
|
|
21 |
|
|
|
— |
|
|
Net income (loss) from continuing operations attributable to Hess Corporation |
|
|
(509 |
) |
|
|
(376 |
) |
|
Less: Preferred stock dividends |
|
|
6 |
|
|
|
— |
|
|
Net income (loss) from continuing operations attributable to Hess Corporation Common Stockholders |
|
|
(515 |
) |
|
|
(376 |
) |
|
Income from discontinued operations, net of income taxes |
|
|
— |
|
|
|
(13 |
) |
|
Net income (loss) attributable to Hess Corporation Common Stockholders |
|
$ |
(515 |
) |
|
$ |
(389 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
299.8 |
|
|
|
283.5 |
|
|
Effect of dilutive securities |
|
|
|
|
|
|
|
|
|
Restricted common stock |
|
|
— |
|
|
|
— |
|
|
Stock options |
|
|
— |
|
|
|
— |
|
|
Performance share units |
|
|
— |
|
|
|
— |
|
|
Mandatory Convertible Preferred stock |
|
|
— |
|
|
|
— |
|
|
Diluted |
|
|
299.8 |
|
|
|
283.5 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Hess Corporation per Common Share: |
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(1.72 |
) |
|
$ |
(1.32 |
) |
|
Discontinued operations |
|
|
— |
|
|
|
(0.05 |
) |
|
Net income (loss) per common share |
|
$ |
(1.72 |
) |
|
$ |
(1.37 |
) |
|
Diluted: |
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(1.72 |
) |
|
$ |
(1.32 |
) |
|
Discontinued operations |
|
|
— |
|
|
|
(0.05 |
) |
|
Net income (loss) per common share |
|
$ |
(1.72 |
) |
|
$ |
(1.37 |
) |
During the three months ended March 31, 2016, we excluded 6,720,462 stock options (2015 Q1: 6,790,531), 3,036,611 restricted stock awards (2015 Q1: 2,876,887), and 885,939 performance share units (2015 Q1: 1,139,268) from the computation of diluted shares as those are anti-dilutive. Additionally, we excluded 7,214,291 shares of common stock from the computation of diluted shares upon the conversion of Convertible Preferred Stock, because their effect would be anti-dilutive under the if-converted method.
During the three months ended March 31, 2016, we granted 1,596,742 shares of restricted stock (2015 Q1: 1,118,043), 433,170 performance share units (2015 Q1: 362,873) and 805,068 stock options (2015 Q1: 521,773).
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