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Net Income (Loss) per Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Net Income (Loss) per Share
Net Income (Loss) per Share
Basic and diluted earnings per share is computed using the two-class method. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security. We have determined that our 6.00% tangible equity units are participating securities. Per share amounts are computed by dividing earnings available to common shareholders by the weighted average shares outstanding during each period. In periods with a net loss, no such adjustment is made to earnings as the holders of the participating securities have no obligation to fund losses.
Due to a net loss from continuing operations in third quarter and first nine months 2015, as the effect of potentially dilutive securities would be anti-dilutive, basic and diluted loss per share are the same. The computations of basic and diluted earnings per share are as follows:
 
Third Quarter
 
First Nine Months
 
2016
 
2015
 
2016
 
2015
 
(In thousands)
Numerator:
 
 
 
 
 
 
 
Continuing operations
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
17,439

 
$
(57,394
)
 
$
33,661

 
$
(60,237
)
Less: Net (income) loss attributable to noncontrolling interest
(610
)
 
115

 
(1,330
)
 
5

Earnings (loss) available for diluted earnings per share
$
16,829

 
$
(57,279
)
 
$
32,331

 
$
(60,232
)
Less: Undistributed net income from continuing operations allocated to participating securities
(3,152
)
 
—

 
(6,035
)
 
—

Earnings (loss) from continuing operations available to common shareholders for basic earnings per share
$
13,677

 
$
(57,279
)
 
$
26,296

 
$
(60,232
)
 
 
 
 
 
 
 
 
Discontinued operations
 
 
 
 
 
 
 
Net income (loss) from discontinued operations available for diluted earnings per share
$
(7,164
)
 
$
(106,937
)
 
$
(17,428
)
 
$
(146,649
)
Less: Undistributed net income from discontinued operations allocated to participating securities
1,342

 
—

 
3,253

 
—

Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share
$
(5,822
)
 
$
(106,937
)
 
$
(14,175
)
 
$
(146,649
)
Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding — basic
34,099

 
34,299

 
34,234

 
34,248

Weighted average common shares upon conversion of participating securities
7,857

 
—

 
7,857

 
—

Dilutive effect of stock options, restricted stock and equity-settled awards
304

 
—

 
243

 
—

Total weighted average shares outstanding — diluted
42,260

 
34,299

 
42,334

 
34,248

Anti-dilutive awards excluded from diluted weighted average shares
2,001

 
10,933

 
2,146

 
10,835


The actual number of shares we may issue upon settlement of the stock purchase contract related to the 6.00% tangible equity units will be between 6,547,800 shares (the minimum settlement rate) and 7,857,000 shares (the maximum settlement rate) based on the applicable market value, as defined in the purchase contract agreement associated with issuance of the such units.
We intend to settle the remaining principal amount of our 3.75% convertible senior notes due 2020 (Convertible Notes) in cash upon conversion with only the amount in excess of par value of the Convertible Notes to be settled in shares of our common stock. Therefore, our calculation of diluted net income per share includes only the amount, if any, in excess of par value of the Convertible Notes. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the $24.49 conversion price of the Convertible Notes. The average price of our common stock in third quarter 2016 did not exceed the conversion price which resulted in no additional diluted outstanding shares.