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EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2017
EARNINGS PER SHARE  
Calculation of basic and diluted EPS

 

 

 

Three months ended
September 30,

 

Nine months ended
September 30,

 

 

 

2017

 

2016(a)

 

2017

 

2016(a)

 

 

 

(in millions, except per-share amounts)

 

Basic EPS calculation

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$
(132)

 

$
546

 

$
(127)

 

$
356

 

Net income attributable to noncontrolling interest

 
(1)

 

—

 
(1)

 

—

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to common stock

 
(133)

 
546

 
(128)

 
356

 

Less: net income (loss) allocated to participating securities

 

—

 
(14)

 

—

 
(7)

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income available to common stockholders

 

$
(133)

 

$
532

 

$
(128)

 

$
349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic

 
42.7

 
40.8

 
42.5

 
39.7

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

$
(3.11)

 

$
13.04

 

$
(3.01)

 

$
8.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS calculation

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$
(132)

 

$
546

 

$
(127)

 

$
356

 

Net income attributable to noncontrolling interest

 
(1)

 

—

 
(1)

 

—

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to common stock

 
(133)

 
546

 
(128)

 
356

 

Less: net income (loss) allocated to participating securities

 

—

 
(14)

 

—

 
(7)

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income available to common stockholders

 

$
(133)

 

$
532

 

$
(128)

 

$
349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic

 
42.7

 
40.8

 
42.5

 
39.7

 

Dilutive effect of potentially dilutive securities

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - diluted

 
42.7

 
40.8

 
42.5

 
39.7

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$
(3.11)

 

$
13.04

 

$
(3.01)

 

$
8.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Our previously reported basic and diluted earnings per share for the three months ended September 30, 2016 changed from $13.45 to $13.04 and $13.06 to $13.04, respectively. Our previously reported basic earnings per share for the nine months ended September 30, 2016 also changed from $8.97 to $8.79.  These changes occurred because of the application of the two-class method of earnings allocation in a period with net income.  Unlike other periods in 2016, the third quarter of 2016 resulted in net income because of the non-recurring gain generated from the extinguishment of debt.  This represents a 3% and 2% change for the three and nine months ended September 30, 2016, respectively, from the previously reported basic earnings per share amount, which we believe is immaterial based on the absolute amount as well as the non-recurring nature of the third quarter gain, which did not affect any trends embedded in operating results.