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Earnings (Loss) Per Common Share
 3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share

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 three months ended March 31, 2017 and 2016 (in thousands):
 
 
For the Three Months Ended March 31,
 
 
2017
 
2016
Numerator for earnings (loss) per share:
 
 
 
 
Net income (loss) attributable to Leucadia National Corporation common shareholders
 
$
281,408

 
$
(222,880
)
Allocation of earnings to participating securities (1)
 
(1,138
)
 
—

Net income (loss) attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share
 
280,270

 
(222,880
)
Adjustment to allocation of earnings to participating securities related to diluted shares (1)
 
8

 
—

Mandatorily redeemable convertible preferred share dividends
 
1,016

 
—

Net income (loss) attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share
 
$
281,294

 
$
(222,880
)
 
 
 
 
 
Denominator for earnings (loss) per share:
 
 

 
 

Denominator for basic earnings (loss) per share – weighted average shares
 
369,267

 
372,367

Stock options
 
16

 
—

Warrants
 
—

 
—

Senior executive compensation plan awards
 
2,276

 
—

Mandatorily redeemable convertible preferred shares
 
4,162

 
—

3.875% Convertible Senior Debentures
 
—

 
—

Denominator for diluted earnings (loss) per share
 
375,721

 
372,367


(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 1,500,000 and 2,899,000 for the three months ended March 31, 2017 and 2016, respectively.  Dividends declared on participating securities were not material during three months ended March 31, 2017 and 2016.  Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

Options to purchase 661,300 weighted-average shares of common stock were outstanding during the three months ended March 31, 2016 but were not included in the computation of diluted per share amounts as the effect was antidilutive. Amounts for the three months ended March 31, 2017 were not material.

In the table above, the denominator for diluted earnings (loss) per share does not include weighted-average common shares of 3,000,000 during the three months ended March 31, 2016, related to outstanding warrants to purchase common shares at $33.33 per share, as the effect was antidilutive. The warrants expired in the first quarter of 2016.

For the three months ended March 31, 2017 and 2016, shares related to the 3.875% Convertible Senior Debentures were not included in the computation of diluted per share amounts as the conversion price exceeded the average market price. For the three months ended March 31, 2016, shares related to the mandatorily redeemable convertible preferred shares were not included in the computation of diluted per share amounts as the effect was antidilutive.