Earnings Per Share

Upon the Company's emergence from bankruptcy on April 22, 2016, as discussed in Note 12, 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, as 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 December 31, 2016 (successor) and the year ended 2015 (predecessor), the unvested share-based payments and stock options were not recognized in the Diluted EPS calculations as they would be antidilutive. Certain 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), 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 year ended 2017(successor), the period of April 23, 2016 through December 31, 2016 (successor), the period of January 1, 2016 through April 22, 2016 (predecessor) and the year ended 2015 (predecessor) (in thousands, except per share amounts):



	Successor Year Ended December 31, 2017					Successor from April 23, 2016 through December 31, 2016
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)			Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	71,971	11,453	$	6.28	$	(156,288	)	10,013	$	(15.61	)
Dilutive Securities:
Restricted Stock Awards			6						—
Restricted Stock Units Awards			—						—
Stock Option Awards			55						—
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	71,971	11,514	$	6.25	$	(156,288	)	10,013	$	(15.61	)



	Predecessor from January 1, 2016 through April 22, 2016					Predecessor Year Ended December 31, 2015
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)			Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	851,611	44,692	$	19.06	$	(1,653,971	)	44,463	$	(37.20	)
Dilutive Securities:
Restricted Stock Awards			1,005						—
Restricted Stock Unit Awards			—						—
Stock Option Awards			—						—
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	851,611	45,697	$	18.64	$	(1,653,971	)	44,463	$	(37.20	)

Approximately 0.3 million and 0.1 million stock options to purchase shares were not included in the computation of Diluted EPS for the year ended December 31, 2017 (successor) and the period of April 23, 2016 through December 31, 2016 (successor), respectively, because these stock options were antidilutive. Approximately 1.3 million stock options to purchase shares were not included in the computation of Diluted EPS for the period of January 1, 2016 through April 22, 2016 (predecessor), because the exercise price was out of the money, while 1.3 million stock options to purchase shares were not included in the computation of Diluted EPS for the year ended December 31, 2015 (predecessor) as they were antidilutive.

Approximately 0.3 million restricted stock awards for the period of January 1, 2016 through April 22, 2016 (predecessor), and 0.5 million restricted stock awards for the year ended December 31, 2015 (predecessor) were not included in the computation of Diluted EPS because they were antidilutive.

Approximately 0.1 million and 0.2 million shares related to restricted stock units were not included in the computation of Diluted EPS for the year ended December 31, 2017 (successor) and the period of April 23, 2016 through December 31, 2016 (successor), respectively, because these stock awards were antidilutive. Approximately 0.8 million shares for the period of January 1, 2016 through April 22, 2016 (predecessor), and 0.6 million shares 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 for year ended December 31, 2015 (predecessor), primarily because the performance and market conditions had not been met, assuming the end of the reporting period was the end of the performance period.

Upon the Company's emergence from bankruptcy on April 22, 2016, the Company issued 2019 and 2020 warrants (as discussed in Note 12 of these consolidated financial statements). These warrants were not included in the computation of Diluted EPS for the year ended December 31, 2017 (successor) and the period of April 23, 2016 through December 31, 2016 (successor), as they were antidilutive.