Earnings Per Share

3 Months Ended

Mar. 31, 2016

(4) Earnings Per Share

Upon the Company's emergence from bankruptcy on April 22, 2016, as discussed in Note 1A, the Company’s then current common stock was canceled and new common stock and warrants were issued. The earnings per share amounts disclosed below would have been materially different if the emergence from bankruptcy had occurred before the end of the current period.

The Company computes earnings per share in accordance with FASB ASC 260-10. Basic earnings per share (“Basic EPS”) has been computed using the weighted average number of common shares outstanding during each period. Diluted earnings per share ("Diluted EPS") assumes, as of the beginning of the period, exercise of stock options and restricted stock grants using the treasury stock method. Diluted EPS also assumes conversion of performance-based restricted stock units to common shares based on the number of shares (if any) that would be issuable, according to predetermined performance and market goals, if the end of the reporting period was the end of the performance period. As we recognized a net loss for the three months ended March 31, 2016, the unvested share-based payments and stock options were not recognized in diluted earnings per share (“Diluted EPS”) calculations as they would be antidilutive. Certain of our stock options and restricted stock grants that would potentially dilute Basic EPS in the future were also antidilutive for the three months ended March 31, 2015, and are discussed below.

The following is a reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS for the three months ended March 31, 2016 and 2015 (in thousands, except per share amounts):



	Three Months Ended March 31, 2016							Three Months Ended March 31, 2015
	Net Income (Loss)			Shares	Per Share Amount			Net Income (Loss)			Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	(108,303	)	44,672	$	(2.42	)	$	(477,077	)	44,232	$	(10.79	)
Dilutive Securities:
Restricted Stock Awards				—							—
Restricted Stock Units				—							—
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	(108,303	)	44,672	$	(2.42	)	$	(477,077	)	44,232	$	(10.79	)

Approximately 1.3 million stock options to purchase shares were not included in the computation of Diluted EPS for the three months ended March 31, 2016 and 2015, respectively, because they were antidilutive.

Approximately 0.3 million and 0.7 million restricted stock awards for the three months ended March 31, 2016 and 2015, respectively, were not included in the computation of Diluted EPS because they were antidilutive given the net loss.

Approximately 0.8 million and 1.2 million shares for the three months ended March 31, 2016 and 2015, respectively, related to performance-based restricted stock units that could be converted to common shares based on predetermined performance and market goals were not included in the computation of Diluted EPS because the performance and market conditions had not been met, assuming the end of the reporting period was the end of the performance period.