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Net Income (Loss) Per Share
 3 Months Ended
Mar. 31, 2015
Net Income (Loss) Per Share  
Net Income (Loss) Per Share

 

 

13. Net Income (Loss) Per Share

 

The following table is a reconciliation between net income and the amounts used to compute basic and diluted net income per share and the weighted average shares outstanding used to compute basic and diluted net income per share:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2015

 

2014

 

 

 

(In thousands, except per share data)

 

Numerator:

 

 

 

 

 

Net income (loss)

 

$
(78,909

)

$
74,969

 

Less: Basic income allocable to participating securities(1)

 

—

 
1,234

 

Basic net income (loss) allocable to common shareholders

 
(78,909

)
73,735

 

Diluted adjustments to income allocable to participating securities(1)

 

—

 
12

 

Diluted net income (loss) allocable to common shareholders

 

$
(78,909

)

$
73,747

 

Denominator:

 

 

 

 

 

Weighted average number of shares used to compute net income (loss) per share:

 

 

 

 

 

Basic

 
380,355

 
377,830

 

Restricted stock awards and units(1)(2)

 

—

 
3,642

 

Diluted

 
380,355

 
381,472

 

Net income (loss) per share:

 

 

 

 

 

Basic

 

$
(0.21

)

$
0.20

 

Diluted

 

$
(0.21

)

$
0.19

 

 

 

(1)

Our service vesting restricted stock awards represent participating securities because they participate in non-forfeitable dividends with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Our restricted stock awards with market and service vesting criteria and all restricted stock units are not considered to be participating securities and, therefore, are excluded from the basic net income per common share calculation. Our service vesting restricted stock awards do not participate in undistributed net losses and, therefore, are excluded from the basic net income per common share calculation in periods we are in a net loss position.

 

(2)

We excluded outstanding restricted stock awards and units of 18.1 million and 6.4 million for the three months ended March 31, 2015 and 2014, respectively, from the computations of diluted net income per share because the effect would have been anti-dilutive.