Net Income (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2018

Computations of Basic and Diluted Income (Loss ) 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. Diluted net income (loss) per share is calculated under both the two class method and the treasury stock method and the more dilutive of the two calculations is presented. 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,
	2018			2017			2016
Net (loss) income, as reported	$	(1,746,481	)	$	333,146		$	(521,388	)
Participating basic earnings ^(a)		(245	)		(3,751	)		(223	)
Basic net (loss) income attributed to common stockholders		(1,746,726	)		329,395			(521,611	)
Reallocation of participating earnings ^(a)		—			5			—
Diluted net (loss) income attributed to common stockholders	$	(1,746,726	)	$	329,400		$	(521,611	)
Net (loss) income per common share:
Basic	$	(7.10	)	$	1.34		$	(2.75	)
Diluted	$	(7.10	)	$	1.34		$	(2.75	)

^(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.

Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding

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,
	2018	2017		2016
Denominator:
Weighted average common shares outstanding – basic ⁽¹⁾	246,171		245,091		189,868
Effect of dilutive securities:
Director and employee restricted stock and performance-based equity awards	—		367		—
Weighted average common shares outstanding – diluted	246,171		245,458		189,868

⁽¹⁾

Includes common stock issued in connection with the exchange of 77.0 million shares for all outstanding Memorial common stock on September 16, 2016.