Income (Loss) per Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Income (Loss) per Share

Note 14—Income (Loss) per Share

Basic income (loss) per share is computed by dividing net income (loss) by the sum of the weighted-average number of common shares outstanding and the weighted-average number of shares issuable under the common stock warrants, representing 352 thousand shares during the three months ended March 31, 2017 and 345 thousand shares during the three months ended March 31, 2016, respectively. The common stock warrants are included in the calculation of basic income (loss) per share because they are issuable for minimal consideration. The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts):

	Three Months Ended March 31,
	2017		2016
Net income (loss)	$	27,786	$	(18,673	)
Less: Undistributed income allocated to participating securities (1)	299		—
Net income (loss) attributable to common stockholders	27,487		(18,673		)
Plus: Net income effect of convertible securities	2,509		—
Numerator for diluted income (loss) per common share	$	29,996	$	(18,673	)
Basic weighted-average common stock shares outstanding	45,476		40,974
Plus: dilutive effects of common stock equivalents (2)	6,389		—
Diluted weighted-average common stock shares outstanding	51,865		40,974
Basic income (loss) per common share	$	0.60	$	(0.46	)
Diluted income (loss) per common share	$	0.58	$	(0.46	)

________________________________________________________

(1) Participating securities include restricted stock that has been issued but has not yet vested.

(2) Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted loss per share for the three months ended March 31, 2016.

For the three months ended March 31, 2017, our calculation of dilutive shares outstanding excluded 120 thousand shares of unvested restricted stock and 2.0 million stock options. For the three months ended March 31, 2016, our calculation of diluted shares outstanding excluded 439 thousand shares of unvested restricted stock and 658 thousand stock options, respectively.

As discussed in Note 8—Debt, we have the option of settling the 5.00% Convertible Senior Notes in cash or shares of common stock, or any combination thereof, upon conversion. For the three months ended March 31, 2017, diluted income (loss) per share was determined using the if-converted method.