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Earnings per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings per Share
Earnings per Share
 
The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings per share for the periods presented:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2014
 
2013
 
2014
 
2013
Net income (loss)
$
89,661

 
$
(98,900
)
 
$
8,102

 
$
(140,721
)
Less: Preferred stock dividends
(7,641
)
 
(1,725
)
 
(11,081
)
 
(5,175
)
Less: Induced conversion of preferred stock
(888
)
 
—

 
(4,256
)
 
—

Net income (loss) attributable to common shareholders – basic
$
81,132

 
$
(100,625
)
 
$
(7,235
)
 
$
(145,896
)
Add: Preferred stock dividends 1
7,641

 
—

 
—

 
—

Add: Induced conversion of preferred stock 1
888

 
—

 
—

 
—

Net income (loss) attributable to common shareholders – diluted
$
89,661

 
$
(100,625
)
 
$
(7,235
)
 
$
(145,896
)
 
 
 
 
 
 
 
 
Weighted-average shares – basic
71,536

 
65,465

 
67,909

 
61,272

Effect of dilutive securities 2
32,070

 
—

 
—

 
—

Weighted-average shares – diluted
103,606

 
65,465

 
67,909

 
61,272

_______________________
1 Preferred stock dividends and payments to induce the conversion of preferred stock were excluded from diluted earnings per share for the nine months ended September 30, 2014 and the three and nine months ended September 30, 2013 as the assumed conversion of the outstanding preferred stock would have been anti-dilutive.
2 For the nine months ended September 30, 2014, approximately 24.9 million potentially dilutive securities, including the Series A Preferred Stock and Series B Preferred Stock, stock options and restricted stock units, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per common share. For the three and nine months ended September 30, 2013, approximately 19.2 million and less than 0.1 million, respectively, potentially dilutive securities, including the Series A Preferred Stock, stock options and restricted stock units, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per common share.