Earnings Per Share

12 Months Ended

Dec. 31, 2015

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



	Year Ended December 31,
	2015			2014		2013
Weighted average shares:
Basic weighted average shares outstanding	50,996,297			50,789,173		50,692,942
Effect of dilutive securities outstanding	—			590,525		370,247
Diluted weighted average and equivalent shares outstanding	50,996,297			51,379,698		51,063,189

Net (loss) income	$	(137	)	$	32	$	134

Basic per share amounts:
Basic weighted average shares outstanding	50,996,297			50,789,173		50,692,942
Per share amount	$	(2.69	)	$	0.64	$	2.65
Diluted per share amounts:
Diluted weighted average shares outstanding	50,996,297			51,379,698		51,063,189
Per share amount	$	(2.69	)	$	0.63	$	2.63

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 a net loss in 2015, options, awards and warrants were anti-dilutive and therefore excluded from the 2015 earnings per share calculation. For years 2014 and 2013, options and awards were included in the earnings per share calculation. These excluded outstanding options, awards and warrants are as follows:



	Year Ended December 31,
	2015	2014	2013
Potentially dilutive shares	1,421,506	175,902	168,472