Earnings per Share

9 Months Ended

Sep. 30, 2015

Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share are computed by dividing net income/loss available to common stockholders by the combined weighted average number of shares of common stock outstanding and the potential dilution of stock options, warrants, RSUs, PRSUs, Convertible Notes and the Company’s Series A Convertible Perpetual Preferred Stock, par value $0.001 per share, outstanding during the period, if dilutive. The weighted-average of potentially dilutive securities excluded from the computation of diluted earnings per share for the three- and nine-months ended September 30, 2015 and 2014 is shown per the table below.



	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2015	2014	2015	2014
Basic weighted average common stock outstanding	98,568,971	54,469,943	87,315,661	49,497,353
Potentially Dilutive Securities:
Shares underlying the conversion of preferred stock to common stock	10,414,242	10,476,430	10,447,283	10,485,283
Shares underlying the conversion of the convertible senior notes	4,190,266	7,341,490	4,578,305	7,473,420
Shares underlying warrants to purchase common stock	8,531,604	8,222,305	8,727,799	8,011,371
Shares underlying stock options to purchase common stock	596,422	557,973	627,511	529,072
Shares underlying restricted stock units and performance-based restricted stock units	1,132,326	821,892	1,114,133	713,498
	24,864,860	27,420,090	25,495,031	27,212,644
Diluted weighted average shares outstanding	123,433,831	81,890,033	112,810,692	76,709,997

The impact of this dilution was not reflected in the earnings per share calculations in the condensed consolidated statements of operations because the impact was anti-dilutive. The treasury stock method was used to determine the shares underlying warrants, stock options, RSUs and PRSUs for potential dilution with an average market price of $37.93 per share and $31.57 per share for the three-month periods ended September 30, 2015 and 2014, respectively, and $42.22 per share and $28.96 per share for the nine-month periods ended September 30, 2015 and 2014, respectively.