The numerators and denominators used to calculate basic and diluted earnings (loss) per share are as follows (in thousands):



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2017			2016			2017			2016
Numerator for earnings (loss) per share:
Net income (loss) attributable to Leucadia National Corporation common shareholders	$	99,351		$	154,358		$	438,952		$	(11,233	)
Allocation of earnings to participating securities (1)	(368		)	(2,060		)	(1,692		)	—
Net income (loss) attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share	98,983			152,298			437,260			(11,233		)
Adjustment to allocation of earnings to participating securities related to diluted shares (1)	(2		)	6			3			—
Mandatorily redeemable convertible preferred share dividends	—			1,016			3,203			—
Net income (loss) attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share	$	98,981		$	153,320		$	440,466		$	(11,233	)

Denominator for earnings (loss) per share:
Denominator for basic earnings (loss) per share – weighted average shares	367,828			370,404			368,736			371,814
Stock options	23			1			22			—
Warrants	—			—			—			—
Senior executive compensation plan awards	2,347			—			2,313			—
Mandatorily redeemable convertible preferred shares	—			4,162			4,162			—
3.875% Convertible Senior Debentures	—			—			—			—
Denominator for diluted earnings (loss) per share	370,198			374,567			375,233			371,814

(1)

Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 1,366,700 and 5,009,500 for the three months ended September 30, 2017 and 2016, respectively, and 1,433,500 and 4,859,900 for the nine months ended September 30, 2017 and 2016, respectively. Dividends declared on participating securities were not material during three and nine months ended September 30, 2017 and 2016. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.