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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
On February 28, 2017, upon emergence from Chapter 11 bankruptcy, the Company’s Predecessor equity was cancelled and new equity was issued. Additionally, the Predecessor Company’s 2017 Convertible Notes were cancelled. See Note 2 – Reorganization and Note 5 – Stockholders’ Equity for further details.

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods (in thousands, except per share amounts):
 
Successor
 
 
Predecessor
 
Period from
March 1, 2017
through
December 31, 2017
 
 
Period from
January 1, 2017
through
February 28, 2017
 
Year Ended December 31,
 
 
 
 
2016
 
2015
Income (numerator):
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
Net income (loss)
$
(247,639
)
 
 
$
630,317

 
$
(590,586
)
 
$
(1,090,915
)
Net income attributable to participating securities
—

 
 
(4,995
)
 
—

 
—

Net income (loss) attributable to common stock - basic
$
(247,639
)
 
 
$
625,322

 
$
(590,586
)
 
$
(1,090,915
)
Diluted:
 
 
 
 
 
 
 
 
Net income (loss)
$
(247,639
)
 
 
$
630,317

 
$
(590,586
)
 
$
(1,090,915
)
Net income attributable to participating securities
—

 
 
(4,995
)
 
—

 
—

Net income (loss) attributable to common stock - diluted
$
(247,639
)
 
 
$
625,322

 
$
(590,586
)
 
$
(1,090,915
)
Weighted average shares (denominator):
 
 
 
 
 
 
 
 
Weighted average shares - basic
19,997

 
 
5,634

 
5,591

 
5,525

Dilutive effect of stock options
—

 
 
—

 
—

 
—

Dilutive effect of warrants
—

 
 
—

 
—

 
—

Dilutive effect of convertible notes
—

 
 
—

 
—

 
—

Weighted average shares - diluted
19,997

 
 
5,634

 
5,591

 
5,525

Basic income (loss) per share
$
(12.38
)
 
 
$
110.99

 
$
(105.63
)
 
$
(197.45
)
Diluted income (loss) per share
$
(12.38
)
 
 
$
110.99

 
$
(105.63
)
 
$
(197.45
)

All outstanding stock options were considered antidilutive during the period from January 1, 2017 through February 28, 2017 (Predecessor) (10,400 shares) because the exercise price of the options exceeded the average price of our common stock for the applicable period. During the years ended December 31, 2016 (Predecessor) (12,900 shares) and December 31, 2015 (Predecessor) (14,400 shares) all outstanding stock options were considered antidilutive because we had net losses for such years. On February 28, 2017, upon emergence from bankruptcy, all outstanding stock options were cancelled. See Note 16 – Share-Based Compensation.
On February 28, 2017, upon emergence from bankruptcy, the Predecessor Company’s existing common stockholders received warrants to purchase common stock of the Successor Company. See Note 2 – Reorganization. For the period of March 1, 2017 through December 31, 2017 (Successor), all outstanding warrants (approximately 3.5 million) were considered antidilutive because we had a net loss for such period.

The Predecessor Company had no outstanding restricted stock units. The board of directors of the Successor Company (the “Board”) received grants of restricted stock units on March 1, 2017. See Note 16 – Share-Based Compensation. For the period from March 1, 2017 through December 31, 2017 (Successor), all outstanding restricted stock units (62,137) were considered antidilutive because we had a net loss for such period.

For the period from January 1, 2017 through February 28, 2017 (Predecessor), the average price of our common stock was less than the effective conversion price for the 2017 Convertible Notes, resulting in no dilutive effect on the diluted earnings per share computation for such period. For the years ended December 31, 2016 and 2015 (Predecessor), the 2017 Convertible Notes had no dilutive effect on the diluted earnings per share computation as we had net losses for such years. On February 28, 2017, upon emergence from bankruptcy, the 2017 Convertible Notes were cancelled. See Note 2 – Reorganization.

During the period from March 1, 2017 through December 31, 2017 (Successor), 1,195 shares of common stock of the Successor Company were issued from authorized shares upon the lapsing of forfeiture restrictions of restricted stock for employees. During the period from January 1, 2017 through February 28, 2017 (Predecessor) and the years ended December 31, 2016 and 2015 (Predecessor), 47,390, 79,621 and 41,375 shares of our common stock, respectively, were issued from authorized shares upon the lapsing of forfeiture restrictions of restricted stock and granting of stock awards for employees and nonemployee directors.