(4) Earnings Per Share

Upon the Company's emergence from bankruptcy on April 22, 2016, as discussed in Note 11, the Company’s then outstanding common stock was canceled and new common stock and warrants were issued.

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 period of April 23, 2016 through June 30, 2016 (successor), the unvested share-based payments and stock options were not recognized in 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 period of January 1, 2016 through April 22, 2016 (predecessor).

The following is a reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS for the periods indicated below (in thousands, except per share amounts):



	Successor Three Months Ended June 30, 2017					Successor from April 23, 2016 through June 30, 2016							Predecessor from April 1, 2016 through April 22, 2016
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)			Shares	Per Share Amount			Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	16,241	11,487	$	1.41	$	(149,601	)	10,000	$	(14.96	)	$	959,913	44,754	$	21.45
Dilutive Securities:
Restricted Stock Awards			—						—						894
Restricted Stock Unit Awards			59						—						—
Stock Option Awards			8						—						—
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	16,241	11,554	$	1.41	$	(149,601	)	10,000	$	(14.96	)	$	959,913	45,648	$	21.03



	Successor Six Months Ended June 30, 2017					Predecessor from January 1, 2016 through April 22, 2016
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	33,951	11,360	$	2.99	$	851,611	44,692	$	19.06
Dilutive Securities:
Restricted Stock Awards			—					1,005
Restricted Stock Unit Awards			73					—
Stock Option Awards			12					—
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	33,951	11,445	$	2.97	$	851,611	45,697	$	18.64

Approximately 1.2 million and 1.3 million stock options to purchase shares were not included in the computation of Diluted EPS for the period of April 1, 2016 through April 22, 2016 (predecessor) and the period of January 1, 2016 through April 22, 2016 (predecessor), because their exercise price was out of the money, while 0.4 million stock options to purchase shares were not included in the computation of Diluted EPS for the three and six months ended June 30, 2017 (successor) because these stock options were antidilutive.

Approximately 0.3 million restricted stock awards for each of the period of April 1, 2016 through April 22, 2016 (predecessor) and the period of January 1, 2016 through April 22, 2016 (predecessor) were not included in the computation of Diluted EPS because they were antidilutive.

Approximately 0.8 million shares for the period of April 1, 2016 through April 22, 2016 (predecessor) and the period of January 1, 2016 through April 22, 2016 (predecessor), respectively, and approximately 0.1 million shares for the three and six months ended June 30, 2017 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.

Approximately 4.3 million warrants to purchase common stock were not included in the computation of Diluted EPS for the six months ended June 30, 2017 (successor) because these warrants were antidilutive.