Net (Loss) Income Per Common Share

12 Months Ended

Dec. 31, 2015

(5)	Net (Loss) Income per Common Share

Basic income or loss per share attributable to common stockholders is computed as (i) income or loss attributable to common stockholders (ii) less income allocable to participating securities (iii) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (i) basic income or loss attributable to common stockholders (ii) plus diluted adjustments to income allocable to participating securities (iii) divided by weighted average diluted shares outstanding. The following table sets forth a reconciliation of net income or loss to basic income or loss attributable to common stockholders and to diluted income or loss attributable to common stockholders (in thousands except per share amounts):


	Year Ended December 31,
	2015			2014			2013
Net (loss) income, as reported	$	(713,685	)	$	634,382		$	115,722
Participating basic earnings ^(a)		(450	)		(10,725	)		(1,975	)
Basic net (loss) income attributed to common stockholders		(714,135	)		623,657			113,747
Reallocation of participating earnings ^(a)		¾			48			9
Diluted net (loss) income attributed to common stockholders	$	(714,135	)	$	623,705		$	113,756
Net (loss) income per common share:
Basic	$	(4.29	)	$	3.81		$	0.71
Diluted	$	(4.29	)	$	3.79		$	0.70

^(a)

Restricted stock Liability Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):

	Year Ended December 31,
	2015	2014		2013
Denominator:
Weighted average common shares outstanding – basic	166,389		163,625		160,438
Effect of dilutive securities:
Director and employee SARs and restricted stock Equity Awards	¾		778		969
Weighted average common shares outstanding – diluted	166,389		164,403		161,407

Weighted average common shares – basic excludes 2.8 million shares of restricted stock Liability Awards held in our deferred compensation plans (although all awards are issued and outstanding upon grant) for all of the periods ending December 31, 2015, December 31, 2014 and December 31, 2013. Due to our net loss for the year ended December 31, 2015, we excluded all outstanding stock appreciation rights and restricted stock from the computation of diluted net loss per share because the effect would have been anti-dilutive to the computations. SARs of 1,900 for the year ended December 31, 2014 compared to 226,000 in 2013 were outstanding but not included in the computations of diluted net income per share because the grant prices of the SARs were greater than the average market price of the common shares and would be anti-dilutive to the computations.