(LOSS) EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2016

EARNINGS PER SHARE

(LOSS) EARNINGS PER SHARE

4. (LOSS) EARNINGS PER SHARE

Basic and diluted (loss) earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows:

	Three months ended June 30						Six months ended June 30
(In thousands)	2016			2015			2016			2015
Net loss available for stockholders:	$	(48,686	)	$	(34,055	)	$	(81,197	)	$	(26,507	)
Less:  Adjustments for losses attributable to participating securities		-			(153	)		-			(240	)
Net loss used in calculating losses per share	$	(48,686	)	$	(34,208	)	$	(81,197	)	$	(26,747	)
Weighted average shares outstanding (including participating securities)		217,576			212,598			217,501			213,586
Adjustment for participating securities		(3,313	)		(4,442	)		(3,314	)		(3,391	)
Shares used in calculating basic losses per share		214,263			208,156			214,187			210,195
Dilutive effect of stock based awards		-			-			-			-
Shares used in calculating diluted losses per share		214,263			208,156			214,187			210,195