The numerators and denominators used to calculate basic and diluted earnings (loss) per share are as follows for the three months ended March 31, 2016 and 2015 (in thousands):



	For the Three Months Ended March 31,
	2016			2015

Numerator for earnings (loss) per share:
Net income (loss) attributable to Leucadia National Corporation common shareholders	$	(222,880	)	$	380,759
Allocation of earnings to participating securities (1)	—			(7,086		)
Net income (loss) attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share	(222,880		)	373,673
Adjustment to allocation of earnings to participating securities related to diluted shares (1)	—			54
Mandatorily redeemable convertible preferred share dividends	—			1,016
Net income (loss) attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share	$	(222,880	)	$	374,743

Denominator for earnings (loss) per share:
Denominator for basic earnings (loss) per share – weighted average shares	372,367			373,541
Stock options	—			10
Warrants	—			—
Mandatorily redeemable convertible preferred shares	—			4,162
3.875% Convertible Senior Debentures	—			—
Denominator for diluted earnings (loss) per share	372,367			377,713

(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 4,463,000 and 7,114,000 for the three months ended March 31, 2016 and 2015, respectively. Dividends declared on participating securities were $0.3 million and $0.4 million during three months ended March 31, 2016 and 2015, 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.