Loss Per Share ("EPS")

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Loss Per Share ("EPS")

8. Loss Per Share (“EPS”)

For the three and nine months ended September 30, 2016 and 2015, 7,430,510 and 7,264,566, 6,509,775 and 6,540,227 respectively, of potentially dilutive shares were excluded from the computation of diluted loss per share due to the Company recognizing a net loss for the period.

Basic and diluted loss per share follows (in millions, except share data):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Numerator for basic and diluted net loss per share attributable to the Company's stockholders:
Net loss attributable to the Company's stockholders(1)	$	(56	)	$	(224	)	$	(163	)	$	(253	)
Denominator for basic loss per share attributable to the Company's stockholders:
Weighted average common shares outstanding		107,473,952			107,188,092			107,396,681			107,160,921
Effect of dilutive securities:
Dilutive effect of stock-based compensation		—			—			—			—
Denominator for diluted loss per share attributable to the Company's stockholders		107,473,952			107,188,092			107,396,681			107,160,921
Loss per share attributable to the Company's stockholders:
Basic	$	(0.53	)	$	(2.09	)	$	(1.52	)	$	(2.36	)
Diluted	$	(0.53	)	$	(2.09	)	$	(1.52	)	$	(2.36	)

⁽¹⁾ ASC Topic 260, “Earnings Per Share” requires companies with unvested participating securities to utilize a two-class method for the computation of net income attributable to the Company per share. The two-class method requires a portion of net income attributable to the Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net losses are not allocated to nonvested shares in periods that the Company determines that those shares are not obligated to participate in losses. For the periods that the Company recognized net income, net income attributable to the Company allocated to these participating securities was excluded from net income attributable to the Company’s stockholders in the numerator of the earnings per share computation.