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Earnings (Loss) Per Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
Earnings (Loss) Per Share

The calculation of basic and diluted earnings (loss) per share (“EPS”) is presented below.
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2013
2012
2013
2012
 
(in millions, except per share amounts)
Basic EPS
 
 
 
 
Net income (loss)
$
(68
)
$
53

$
(127
)
$
111

Weighted average common shares outstanding
14.7

10.1

12.5

10.1

Basic EPS
(4.56
)
5.23

(10.08
)
10.96

 
 
 
 
 
Diluted EPS
 
 
 
 
Net income (loss)
$
(68
)
$
53

$
(127
)
$
111

Weighted average common shares outstanding
14.7

10.1

12.5

10.1

Dilutive effect of stock awards
—

—

—

—

Weighted average diluted shares outstanding
14.7

10.1

12.5

10.1

Diluted EPS
$
(4.56
)
$
5.23

$
(10.08
)
$
10.96



The weighted average shares outstanding for periods prior to April 30, 2013 have been adjusted to reflect the 1-for-5 reverse stock split of Dex One stock.

Diluted EPS is calculated by dividing net income by the weighted average common shares outstanding plus potential dilutive common stock. Potential dilutive common stock includes stock options and restricted stock, the dilutive effect of which is calculated using the treasury stock method. Due to the Company's reported net loss for the three and six months ended June 30, 2013, the effect of all stock-based awards was anti-dilutive and therefore not included in the calculation of EPS. For the three and six months ended June 30, 2013, there were less than 0.1 million of Company stock-based awards with exercise prices that exceeded the average market price of the Company's common stock. For the three and six months ended June 30, 2012, 0.7 million shares and 0.5 million shares, respectively, of the Company’s stock-based awards had exercise prices that exceeded the average market price of the Company’s common stock. These shares were not included in our weighted average diluted shares outstanding.