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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
We determined that the Series B Preferred Shares are a participating security, and accordingly, our basic and diluted net income / loss per share is calculated using the two-class method. Under the two-class method, basic net income / loss per common share is computed by dividing the net income available to common shareholders after deducting contractual amounts of accretion on our Series B Preferred Shares by the weighted-average number of common shares outstanding during the period. Diluted net income / loss per share is computed by dividing the adjusted net income by the weighted-average number of dilutive shares outstanding during the period.
The components of basic and diluted earnings per share are as follows:
 
For The Year Ending December 31,
 
2015

 
2014

 
2013

Loss from continuing operations
$
(102,285
)
 
$
(151,465
)
 
$
(276,434
)
Net loss attributable to noncontrolling interests
671

 
4,468

 
3,882

Less: preferred dividend paid in kind (Note 12)
(17,272
)
 
(16,036
)
 
(7,890
)
Loss from continuing operations available to common shareholders, net of noncontrolling interest
(118,886
)
 
(163,033
)
 
(280,442
)
Loss from discontinued operations, net of tax (Note 3)
(13,287
)
 
(80,431
)
 
(5,099
)
Net loss attributable to CME Ltd. available to common shareholders - Basic
$
(132,173
)
 
$
(243,464
)
 
$
(285,541
)
 
 
 
 
 
 
Effect of dilutive securities
 
 
 
 
 
Preferred dividend paid in kind
—

 
—

 
—

Net loss attributable to CME Ltd. available to common shareholders - Diluted
$
(132,173
)
 
$
(243,464
)
 
$
(285,541
)
 
 
 
 
 
 
Weighted average outstanding shares of common stock - Basic (1)
146,866

 
146,509

 
125,723

Dilutive effect of employee stock options and RSUs
—

 
—

 
—

Weighted average outstanding shares of common stock - Diluted
146,866

 
146,509

 
125,723

 
 
 
 
 
 
Net loss per share:
 
 
 
 
 
Continuing operations - Basic
$
(0.81
)
 
$
(1.11
)
 
$
(2.23
)
Continuing operations - Diluted
(0.81
)
 
(1.11
)
 
(2.23
)
Discontinued operations - Basic
(0.09
)
 
(0.55
)
 
(0.04
)
Discontinued operations - Diluted
(0.09
)
 
(0.55
)
 
(0.04
)
Net loss attributable to CME Ltd. - Basic
(0.90
)
 
(1.66
)
 
(2.27
)
Net loss attributable to CME Ltd. - Diluted
(0.90
)
 
(1.66
)
 
(2.27
)
(1) 
For the purpose of computing basic earnings per share, the 11,211,449 shares of Class A common stock underlying the Series A Preferred Share are included in the weighted average outstanding shares of common stock - basic, because the holder of the Series A Preferred Share is entitled to receive any dividends payable when dividends are declared by the Board of Directors with respect to any shares of the common stock.
At December 31, 2015, 3,221,575 (December 31, 2014: 1,324,920) stock options, warrants and RSUs were antidilutive to income from continuing operations and excluded from the calculation of earnings per share. These instruments may become dilutive in the future. Our Series B Preferred Shares were not considered for dilution as they are not convertible until June 25, 2016. As set forth in the Certificate of Designation for the Series B Preferred Shares, the holders of our Series B Preferred Shares are not contractually obligated to share in our losses.