Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings (loss) per share were computed as follows (dollars in millions, except share data):



	Year Ended December 31,
	2016			2015			2014
Weighted average shares:
Basic weighted average shares outstanding	51,579,112			50,996,297			50,789,173
Effect of dilutive securities outstanding	—			—			590,525
Diluted weighted average and equivalent shares outstanding	51,579,112			50,996,297			51,379,698

Net (loss) income	$	(137	)	$	(158	)	$	32

Basic per share amounts:
Basic weighted average shares outstanding	51,579,112			50,996,297			50,789,173
Per share amount	$	(2.65	)	$	(3.10	)	$	0.64
Diluted per share amounts:
Diluted weighted average and equivalent shares outstanding	51,579,112			50,996,297			51,379,698
Per share amount	$	(2.65	)	$	(3.10	)	$	0.63

Anti-dilutive securities consist primarily of stock appreciation rights (“SARs”) with an exercise price greater than the average market closing price of the Class A common stock.

Due to net losses in the periods ended December 31, 2016 and December 31, 2015, options, awards and warrants were anti-dilutive and therefore excluded from the diluted earnings per share calculation in the respective fiscal year ends. For 2014, options and awards were included in the diluted earnings per share calculation. The anti-dilutive shares are as follows:



	Year Ended December 31,
	2016	2015	2014
Anti-dilutive shares	1,391,567	1,421,506	175,902