| Summary of Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) |
The following table represents the computation of earnings per share for the twelve months ended December 31, 2017 and 2016, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Year Ended December 31, 2017 |
| |
|
Net Income (Loss) Available to Common Stockholders (Numerator)
|
|
Shares
(Denominator)
|
|
Per-Share
Amount
|
| |
| |
Basic earnings (loss) per common share |
$ |
(121,752,000 |
) |
|
136,266,843 |
|
|
$ |
(0.89 |
) |
| |
Effect of dilutive securities: |
|
|
|
|
|
| |
Restricted stock units (1)
|
|
|
— |
|
|
$ |
— |
|
| |
Mandatory convertible preferred stock (2)
|
|
|
|
|
|
| |
Diluted earnings (loss) per common share |
$ |
(121,752,000 |
) |
|
136,266,843 |
|
|
$ |
(0.89 |
) |
| |
|
|
| |
|
For the Year Ended December 31, 2016 |
| |
|
Net Income (Loss) Available to Common Stockholders (Numerator)
|
|
Shares
(Denominator)
|
|
Per-Share
Amount
|
| |
| |
Basic earnings (loss) per common share |
$ |
(230,814,000 |
) |
|
124,130,004 |
|
|
$ |
(1.86 |
) |
| |
Effect of dilutive securities: |
|
|
|
|
|
| |
Restricted stock units (1)
|
|
|
— |
|
|
$ |
— |
|
| |
Diluted earnings (loss) per common share |
$ |
(230,814,000 |
) |
|
124,130,004 |
|
|
$ |
(1.86 |
) |
| |
|
|
| |
|
For the Year Ended December 31, 2015 |
| |
|
Net Income (Loss) Available to Common Stockholders (Numerator)
|
|
Shares
(Denominator)
|
|
Per-Share
Amount
|
| |
| |
Basic earnings (loss) per common share |
$ |
(95,073,000 |
) |
|
122,562,187 |
|
|
$ |
(0.78 |
) |
| |
Effect of dilutive securities: |
|
|
|
|
|
| |
Restricted stock units (1)
|
|
|
— |
|
|
$ |
— |
|
| |
Diluted earnings (loss) per common share |
$ |
(95,073,000 |
) |
|
122,562,187 |
|
|
$ |
(0.78 |
) |
|
|
(1) |
For each of the years ended December 31, 2017, 2016, and 2015, all common shares potentially issuable in connection with outstanding restricted stock unit awards have been excluded from the calculation of diluted EPS as the Company incurred losses during the periods, therefore, inclusion of such potential common shares would be anti-dilutive.
|
|
|
(2) |
Weighted average common shares issuable upon the assumed conversion of our Convertible Preferred Stock (as defined below) totaling 23,809,500 shares were excluded from the computation of diluted EPS as such shares would be anti-dilutive.
|
|