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Earnings (Loss) Per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings (Loss) Per Share
Basic earnings (loss) per share is calculated as net income (loss) available to common stockholders divided by the average number of participating shares of common stock outstanding. Diluted earnings (loss) per share includes the dilutive effect of granted stock appreciation rights, granted restricted common stock units, granted restricted common stock awards, convertible debt and warrants using the treasury stock method and the dilutive effect of convertible preferred shares using the if-converted method.
The calculation of earnings (loss) per share, basic and diluted, for the three and six months ended June 30, 2016 and 2015, is as follows (shares in thousands, per share value in dollars):
 
For the Three Months Ended
 
For the Six Months Ended
 
June 30,
 
June 30,
 
2016
 
2015
 
2016
 
2015
Net income (loss) available to stockholders
$
(20,370
)
 
$
36,410

 
$
(55,907
)
 
$
63,349

Less: preferred stock dividends
—

 
—

 
—

 
15

Net income (loss) available to common stockholders
(20,370
)
 
36,410

 
(55,907
)
 
63,334

 
 
 
 
 
 
 
 
Weighted average shares outstanding, basic
70,493

 
69,684

 
70,318

 
69,584

Dilutive common stock equivalents
—

 
2,817

 
—

 
2,811

Weighted average shares outstanding, diluted
70,493

 
72,501

 
70,318

 
72,395

Earnings (loss) per share, basic
$
(0.29
)
 
$
0.52

 
$
(0.80
)
 
$
0.91

Earnings (loss) per share, diluted
$
(0.29
)
 
$
0.50

 
$
(0.80
)
 
$
0.87


For the three and six months ended June 30, 2016, we excluded 11 and 25 common stock equivalents, respectively, from the weighted average diluted shares outstanding as the effect of including such shares would be anti-dilutive. For the three and six months ended June 30, 2015, the weighted average diluted shares includes all potentially dilutive common stock equivalents.