Net loss per share

12 Months Ended

Dec. 31, 2015

Note 11. Net Loss Per Share

Our basic net income (loss) per share is computed by dividing the net income (loss) by the number of weighted average common shares outstanding during the period. Our diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average common shares outstanding during the period assuming potentially dilutive common shares of stock options, RSUs and common shares issuable upon conversion of the 2015 Notes, 2018 Notes and 2020 Notes using the if-converted method. Common shares issuable upon conversion of the 2015, 2018 and 2020 Notes were excluded from the diluted net income (loss) per share computation for all periods presented as their share effect was anti-dilutive.

Net income (loss) per share was calculated as follows for the periods indicated:


		Year Ended
		December 31,
(in thousands, except per share data)		2015		2014		2013
Basic Net Income (Loss) Per Share
Basic net income (loss)	$	6,531	$	(48,481)	$	(83,147)
Weighted average common shares outstanding		179,601		167,947		148,403

Basic net income (loss) per share	$	0.04	$	(0.29)	$	(0.56)
				0		0
Diluted Net Income (Loss) Per Share
Diluted net income (loss)	$	6,531	$	(48,481)	$	(83,147)
Weighted average common shares outstanding		179,601		167,947		148,403

Dilutive stock options and RSU’s		7,701		—		—

Weighted average shares used to compute diluted net income (loss) per share		187,302		167,947		148,403

Diluted net income (loss) per share	$	0.03	$	(0.29)	$	(0.56)

The potential common shares that were excluded from the diluted net income (loss) per share computation are as follows:


	2015	2014	2013
Outstanding stock options and awards	494,468	15,453,520	20,123,089
Common shares issuable upon conversion of the 2015 Notes (1)	—	10,353,416	11,006,854
Common shares issuable upon conversion of the 2018 Notes	7,245,263	7,245,263	7,245,263
Common shares issuable upon conversion of the 2020 Notes	7,241,361	7,245,263	7,245,263
Total potential common shares excluded from diluted net loss per share computation	14,981,092	40,297,462	45,620,469

(1)

In 2013, we entered into separately negotiated agreements with certain holders of the 2015 Notes to exchange $186.0 million principal amount for 21,208,303 shares of common stock and cash. Also in 2013, we used a portion of the net proceeds from the sale of the 2018 Notes and the 2020 Notes to repurchase $117.3 million aggregate principal amount of the 2015 Notes held by the Baker Entities, a related party, in privately negotiated transactions, for an aggregate consideration, including accrued interest, of approximately $500.0 million. The repurchase reduced common shares issuable upon conversion of the 2015 Notes by 13,368,883 shares. In October 2015, the remaining 2015 Notes were due and all but a de minimis principal amount were converted into common stock.