Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2015

Components of Calculation of Basic and Diluted 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,
	2015			2014			2015			2014
Net income (loss)	$	25,900		$	89,661		$	(111,394	)	$	8,102
Less: Preferred stock dividends	(5,935		)	(7,641		)	(18,069		)	(11,081		)
Less: Induced conversion of preferred stock	—			(888		)	—			(4,256		)
Net income (loss) attributable to common shareholders – basic	$	19,965		$	81,132		$	(129,463	)	$	(7,235	)
Add: Preferred stock dividends ¹	5,935			7,641			—			—
Add: Induced conversion of preferred stock ¹	—			888			—			—
Net income (loss) attributable to common shareholders – diluted	$	25,900		$	89,661		$	(129,463	)	$	(7,235	)

Weighted-average shares – basic	72,651			71,536			72,438			67,909
Effect of dilutive securities ²	30,801			32,070			—			—
Weighted-average shares – diluted	103,452			103,606			72,438			67,909

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1 Preferred stock dividends and payments to induce the conversion of preferred stock were excluded from the computation of diluted earnings per share for the nine months ended September 30, 2015 and 2014 as the assumed conversion of the outstanding preferred stock would have been anti-dilutive.

² For the nine months ended September 30, 2015 and 2014, approximately 31.1 million and 24.9 million, respectively, of 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.