Basic and diluted earnings (loss) per share amounts were calculated by dividing net income (loss) by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings (loss) per share are as follows for the years ended December 31, 2015, 2014 and 2013 (in thousands):



	2015			2014			2013

Numerator for earnings (loss) per share:
Net income attributable to Leucadia National Corporation common shareholders	$	279,587		$	204,306		$	369,240
Less: Allocation of earnings to participating securities (1)	(4,711		)	(4,761		)	(4,919		)
Net income attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share	274,876			199,545			364,321
Less: Adjustment to allocation of earnings to participating securities related to diluted shares (1)	(34		)	(75		)	(110		)
Mandatorily redeemable convertible preferred share dividends	—			—			3,397
Interest on 3.75% Convertible Notes	—			739			2,635
Net income attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share	$	274,842		$	200,209		$	370,243

Denominator for earnings (loss) per share:
Denominator for basic earnings (loss) per share – weighted average shares	372,430			371,889			339,673
Stock options	1			29			55
Warrants	—			—			—
Mandatorily redeemable convertible preferred shares	—			—			3,468
3.875% Convertible Senior Debentures	—			—			—
3.75% Convertible Notes	—			1,415			4,538
Denominator for diluted earnings (loss) per share	372,431			373,333			347,734

(1)

Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 6,500,000, 9,040,900 and 9,353,400 for the years ended December 31, 2015, 2014 and 2013, respectively. Dividends declared on participating securities during the years ended December 31, 2015, 2014 and 2013 were $1.5 million, $2.2 million and $2.8 million, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.