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Stockholders' Equity
 9 Months Ended
Sep. 30, 2016
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
14. Stockholders’ Equity

Common Stock Issuance In September 2016, the Company completed a public offering of 40.5 million shares of its common stock at a price of $53.23 per share. Net proceeds of $2.16 billion from this equity issuance will primarily be used to fund the acquisition of certain Gulf of Mexico assets, which is expected to close in the fourth quarter of 2016. The remaining net proceeds will be used for general corporate purposes. See Note 3—Acquisitions, Divestitures, and Assets Held for Sale.

Earnings per Share (EPS) The Company’s basic EPS is computed based on the average number of shares of common stock outstanding for the period and includes the effect of any participating securities and TEUs as appropriate. Diluted EPS includes the effect of the Company’s outstanding stock options, restricted stock awards, restricted stock units, TEUs, and WES Series A Preferred units, if the inclusion of these items is dilutive.
The following provides a reconciliation between basic and diluted earnings per share attributable to common stockholders:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
millions except per-share amounts
2016
 
2015
 
2016
 
2015
Net income (loss)
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
$
(830
)
 
$
(2,235
)
 
$
(2,556
)
 
$
(5,442
)
Income (loss) effect of TEUs
(2
)
 
(3
)
 
(5
)
 
(3
)
Less distributions on participating securities
1

 
1

 
1

 
4

Basic
$
(833
)
 
$
(2,239
)
 
$
(2,562
)
 
$
(5,449
)
Income (loss) effect of TEUs
—

 
—

 
(1
)
 
—

Diluted
$
(833
)
 
$
(2,239
)
 
$
(2,563
)
 
$
(5,449
)
Shares
 
 
 
 
 
 
 
Average number of common shares outstanding—basic
517

 
508

 
512

 
508

Average number of common shares outstanding—diluted
517

 
508

 
512

 
508

Excluded due to anti-dilutive effect
11

 
10

 
11

 
11

Net income (loss) per common share
 
 
 
 
 
 
 
Basic
$
(1.61
)
 
$
(4.41
)
 
$
(5.00
)
 
$
(10.73
)
Diluted
$
(1.61
)
 
$
(4.41
)
 
$
(5.00
)
 
$
(10.73
)