| Earnings per share (EPS) |
Earnings (Loss) Per Share (EPS)
Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. The effects of dilutive securities, stock options, unvested restricted stock, convertible debt and equity are included in the diluted EPS calculation, when applicable.
The following table represents the computation of earnings per share for the three and six months ended June 30, 2017 and 2016, respectively:
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Three Months Ended June 30, 2017 |
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Net Income (Loss)
Available to Common Stockholders (Numerator)
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Shares
(Denominator)
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Per-Share
Amount
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Basic earnings (loss) per common share |
$ |
(31,127,000 |
) |
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137,833,318 |
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$ |
(0.23 |
) |
Effect of dilutive securities: |
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Restricted stock units (1)
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— |
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— |
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— |
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Mandatory convertible preferred stock (2)
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— |
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— |
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— |
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Diluted earnings (loss) per common share |
$ |
(31,127,000 |
) |
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137,833,318 |
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$ |
(0.23 |
) |
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Six Months Ended June 30, 2017 |
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Income/(Loss)
(Numerator)
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Shares
(Denominator)
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Per-Share
Amount
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Basic earnings (loss) per common share |
$ |
(70,936,000 |
) |
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134,009,168 |
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$ |
(0.53 |
) |
Effect of dilutive securities: |
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Restricted stock units (1)
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— |
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— |
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— |
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Mandatory convertible preferred stock (2)
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— |
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— |
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— |
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Diluted earnings (loss) per common share |
$ |
(70,936,000 |
) |
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134,009,168 |
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$ |
(0.53 |
) |
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Three Months Ended June 30, 2016 |
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Net Income (Loss)
Available to Common Stockholders (Numerator)
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Shares
(Denominator)
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Per-Share
Amount
|
Basic earnings (loss) per common share |
$ |
(39,822,000 |
) |
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124,101,349 |
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$ |
(0.32 |
) |
Effect of dilutive securities: |
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Restricted stock units (1)
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— |
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— |
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— |
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Diluted earnings (loss) per common share |
$ |
(39,822,000 |
) |
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124,101,349 |
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$ |
(0.32 |
) |
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Six Months Ended June 30, 2016 |
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Income/(Loss)
(Numerator)
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Shares
(Denominator)
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Per-Share
Amount
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Basic earnings (loss) per common share |
$ |
(135,657,000 |
) |
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123,595,793 |
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$ |
(1.10 |
) |
Effect of dilutive securities: |
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Restricted stock units (1)
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— |
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— |
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— |
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Diluted earnings (loss) per common share |
$ |
(135,657,000 |
) |
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123,595,793 |
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$ |
(1.10 |
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(1) For the three and six months ended June 30, 2017 and 2016, respectively, 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 Mandatory Convertible Preferred Stock totaling 23,809,500 shares were excluded from the computation of diluted EPS as such shares would be anti-dilutive.
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