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Loss Per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Loss Per Share
LOSS PER SHARE

Information related to the calculation of loss per share follows:
 
 
Loss
(Numerator)
 
Weighted
Shares
(Denominator)
 
Per-Share
Amount
 
 
(In thousands except per share amounts)
For the three months ended June 30, 2016
 
 
 
 
 
 
Basic loss per common share
 
$
(72,136
)
 
50,074

 
$
(1.44
)
Effect of dilutive stock options, restricted stock, and stock appreciation rights (SARs)
 
—

 
—

 
—

Diluted loss per common share
 
$
(72,136
)
 
50,074

 
$
(1.44
)
For the three months ended June 30, 2015
 
 
 
 
 
 
Basic loss per common share
 
$
(274,389
)
 
49,148

 
$
(5.58
)
Effect of dilutive stock options, restricted stock, and SARs
 
—

 
—

 
—

Diluted loss per common share
 
$
(274,389
)
 
49,148

 
$
(5.58
)


Due to the net loss for the three months ended June 30, 2016, approximately 417,000 weighted average shares related to stock options, restricted stock, and SARs were antidilutive and excluded from the above earnings per share calculation. For the three months ended June 30, 2015, approximately 307,000 weighted average shares were excluded.

The following table shows the number of stock options and SARs (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock:
 
 
Three Months Ended
 
 
June 30,
 
 
2016
 
2015
Stock options and SARs
 
240,270

 
259,085

Average exercise price
 
$
49.29

 
$
50.50



 
 
Loss
(Numerator)
 
Weighted
Shares
(Denominator)
 
Per-Share
Amount
 
 
(In thousands except per share amounts)
For the six months ended June 30, 2016
 
 
 
 
 
 
Basic loss per common share
 
$
(113,285
)
 
49,977

 
$
(2.27
)
Effect of dilutive stock options, restricted stock, and SARs
 
—

 
—

 
—

Diluted loss per common share
 
$
(113,285
)
 
49,977

 
$
(2.27
)
For the six months ended June 30, 2015
 
 
 
 
 
 
Basic loss per common share
 
$
(522,743
)
 
49,063

 
$
(10.66
)
Effect of dilutive stock options, restricted stock, and SARs
 
—

 
—

 
—

Diluted loss per common share
 
$
(522,743
)
 
49,063

 
$
(10.66
)


Because of the net loss for the six months ended June 30, 2016, approximately 332,000 weighted average shares related to stock options, restricted stock, and SARs were antidilutive and excluded from the above earnings per share calculation. For the six months ended June 30, 2015, approximately 206,000 weighted average shares were excluded.

The following table shows the number of stock options and SARs (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock:
 
 
Six Months Ended
 
 
June 30,
 
 
2016
 
2015
Stock options and SARs
 
240,270

 
261,270

Average exercise price
 
$
49.29

 
$
50.34