Earnings per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings per Share

Note 9 - Earnings Per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average common shares outstanding for the respective period. The earnings per share calculations reflect the impact of any repurchases of shares of common stock made by the Company.

Diluted net income or loss per common share is calculated by dividing adjusted net income or loss by the diluted weighted-average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of unvested RSUs and contingent PSUs. The treasury stock method is used to measure the dilutive impact of these stock awards.

PSUs represent the right to receive, upon settlement of the PSUs after the completion of the three-year performance period, a number of shares of the Company’s common stock that may range from zero to two times the number of PSUs granted on the award date. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the contingency period applicable to such PSUs. For additional discussion on PSUs, please refer to Note 7 - Compensation Plans under the heading Performance Share Units Under the Equity Incentive Compensation Plan.

When the Company recognizes a loss from continuing operations, as was the case for the three months ended March 31, 2016, and 2015, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted net loss per common share. For the three months ended March 31, 2016, and 2015, weighted-average anti-dilutive securities related to unvested RSUs and contingent PSUs totaled approximately 49,000 and 452,000 shares, respectively.

The following table sets forth the calculations of basic and diluted earnings per share:

	For the Three Months Ended March 31,
	2016			2015
	(in thousands, except per share amounts)
Net loss	$	(347,210	)	$	(53,058	)
Basic weighted-average common shares outstanding	68,077			67,463
Add: dilutive effect of unvested RSUs and contingent PSUs	—			—
Diluted weighted-average common shares outstanding	68,077			67,463
Basic net loss per common share	$	(5.10	)	$	(0.79	)
Diluted net loss per common share	$	(5.10	)	$	(0.79	)