LOSS PER SHARE

Loss Per Share

The Company presents basic and diluted loss per share (“LPS”) for its common stock, par value $.0001 per share (“Common Stock”). Basic LPS is calculated by dividing the net loss attributable to common stockholders of the Company by the weighted average number of shares of Common Stock outstanding during the period. Diluted LPS is determined by adjusting the profit or loss attributable to stockholders and the weighted average number of shares of Common Stock outstanding adjusted for the effects of all dilutive potential common shares comprised of options granted, unvested restricted stocks, stock appreciation rights, warrants and Series A convertible preferred stock. Potential Common Stock equivalents that have been issued by the Company related to outstanding stock options, unvested restricted stock and warrants are determined using the treasury stock method, while potential common shares related to Series A Convertible Preferred Stock are determined using the “if converted” method.

The Company's Series A Convertible Preferred Stock, par value $.0001 per share (the “Series A Preferred Stock”), is considered a participating security, which means the security may participate in undistributed earnings with Common Stock. The holders of the Series A Preferred Stock would be entitled to share in dividends, on an as-converted basis, if the holders of Common Stock were to receive dividends. The Company is required to use the two-class method when computing LPS when it has a security that qualifies as a participating security. The two-class method is an earnings allocation formula that determines LPS for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. In determining the amount of net earnings to allocate to common stockholders, earnings are allocated to both common and participating securities based on their respective weighted-average shares outstanding during the period. Diluted LPS for the Company’s Common Stock is computed using the more dilutive of the two-class method or the if-converted method.

The following table sets forth the computation of basic and diluted loss per common share (in thousands, except for per share amounts):



	Year Ended December 31,
	2015			2014			2013
Numerator:
Loss from continuing operations, net of income taxes	$	(303,428	)	$	(149,920	)	$	(71,641	)
Income from discontinued operations, net of income taxes	3,721			2,452			1,987
Net loss	(299,707		)	(147,468		)	(69,654		)
Accrued dividends on Series A Preferred Stock	(6,120		)	—			—
Deemed dividends on Series A Preferred Stock	(3,690		)	—			—
Loss attributable to common stockholders	$	(309,517	)	$	(147,468	)	$	(69,654	)

Denominator - Basic and Diluted:
Weighted average number of common shares outstanding	68,710			68,476			64,560
Loss Per Common Share:
Loss from continuing operations, basic and diluted	$	(4.56	)	$	(2.19	)	$	(1.11	)
Income (loss) from discontinued operations, basic and diluted	0.05			0.04			0.03
Income (loss) per common share, basic and diluted	$	(4.51	)	$	(2.15	)	$	(1.08	)

The loss attributable to common stockholders is used as the basis of determining whether the inclusion of common stock equivalents would be anti-dilutive. Accordingly, the computation of diluted shares for the years ended December 31, 2015, 2014 and 2013 excludes the effect of securities issued in connection with the PIPE Transaction and the Rights Offering (see Note 4 - Stockholders’ (Deficit) Equity), as well as stock options and restricted stock awards, as their inclusion would be anti-dilutive to loss attributable to common stockholders.