XML 21 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
Earnings Per Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
 
The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2016
 
2015
 
2016
 
2015
 
(In thousands, except per share data)
Income (numerator):
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Net loss
$
(89,635
)
 
$
(291,965
)
 
$
(474,180
)
 
$
(772,259
)
Net income attributable to participating securities
—

 
—

 
—

 
—

Net loss attributable to common stock - basic
$
(89,635
)
 
$
(291,965
)
 
$
(474,180
)
 
$
(772,259
)
Diluted:
 
 
 
 
 
 
 
Net loss
$
(89,635
)
 
$
(291,965
)
 
$
(474,180
)
 
$
(772,259
)
Net income attributable to participating securities
—

 
—

 
—

 
—

Net loss attributable to common stock - diluted
$
(89,635
)
 
$
(291,965
)
 
$
(474,180
)
 
$
(772,259
)
Weighted average shares (denominator):
 
 
 
 
 
 
 
Weighted average shares - basic
5,600

 
5,528

 
5,585

 
5,523

Dilutive effect of stock options
—

 
—

 
—

 
—

Dilutive effect of convertible notes
—

 
—

 
—

 
—

Weighted average shares - diluted
5,600

 
5,528

 
5,585

 
5,523

Basic loss per share
$
(16.01
)
 
$
(52.82
)
 
$
(84.90
)
 
$
(139.83
)
Diluted loss per share
$
(16.01
)
 
$
(52.82
)
 
$
(84.90
)
 
$
(139.83
)

 
All outstanding stock options were considered antidilutive during the three and nine months ended September 30, 2016 (approximately 12,900 shares) and during the three and nine months ended September 30, 2015 (approximately 14,400 shares) because we had net losses for such periods.
 
During the three months ended September 30, 2016 and 2015, approximately 12,900 shares and 1,832 shares of our common stock, respectively, were issued from authorized shares upon the lapsing of forfeiture restrictions of restricted stock for employees and nonemployee directors. During the nine months ended September 30, 2016 and 2015, approximately 75,100 shares and 41,375 shares of our common stock, respectively, were issued from authorized shares upon the lapsing of forfeiture restrictions of restricted stock for employees and nonemployee directors.
 
For the three and nine months ended September 30, 2016 and 2015, the 2017 Convertible Notes had no dilutive effect on the diluted earnings per share computation as we had net losses for such periods. For the three and nine months ended September 30, 2016 and 2015, the average price of our common stock was less than the strike price of the Sold Warrants (as defined in Note 5 – Debt) and therefore, such warrants were not dilutive for such periods. Based on the terms of the Purchased Call Options (as defined in Note 5 – Debt), such call options are antidilutive and therefore were not included in the calculation of diluted earnings per share.