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Net Income (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2016
Net income (loss) per share  
Schedule of 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

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended

 

 

 

December 31,

 

 

   

2016

   

2015

   

2014

 

 

 

(In thousands, except per share data)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$
(283,780)

 

$
(69,836)

 

$
279,370

 

Basic income allocable to participating securities(1)

 

 

 —

 

 

 —

 

 
(3,286)

 

Basic net income (loss) allocable to common shareholders

 

 
(283,780)

 

 
(69,836)

 

 
276,084

 

Diluted adjustments to income allocable to participating securities(1)

 

 

 —

 

 

 —

 

 
58

 

Diluted net income (loss) allocable to common shareholders

 

$
(283,780)

 

$
(69,836)

 

$
276,142

 

Denominator:

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

 

 

 

Basic

 

 
385,402

 

 
382,610

 

 
379,195

 

Restricted stock awards and units(1)(2)

 

 

 —

 

 

 —

 

 
6,924

 

Diluted

 

 
385,402

 

 
382,610

 

 
386,119

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$
(0.74)

 

$
(0.18)

 

$
0.73

 

Diluted

 

$
(0.74)

 

$
(0.18)

 

$
0.72

 

 

(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 (loss) per common share calculation. Our service vesting restricted stock awards do not participate in undistributed net losses because they are not contractually obligated to do so and, therefore, are excluded from the basic net income (loss) per common share calculation in periods we are in a net loss position.

For the years ended December 31, 2016,  2015 and 2014, we excluded 11.8 million, 11.2 million and 4.4 million outstanding restricted stock awards and restricted stock units, respectively, from the computations of diluted net income per share because the effect would have been anti‑dilutive.