Annual report pursuant to Section 13 and 15(d)

Loss Per Share

v3.10.0.1
Loss Per Share
12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Loss Per Share Loss Per Share
Basic loss per share is computed by dividing our net loss by the weighted average number of shares outstanding during the period. For diluted earnings per share, the dilutive impact of stock options and warrants is determined by applying the “treasury stock” method. The dilutive impact of the 2033 Senior Notes and 2023 Convertible Notes (each, as defined herein and as discussed in Note 6) has been considered using the “if converted” method. In the periods in which their effect would be antidilutive, no effect has been given to outstanding options, warrants or the potentially dilutive shares issuable pursuant to the 2033 Senior Notes and 2023 Convertible Notes in the dilutive computation. The following table sets forth the computation of basic and diluted earnings (loss) per share:
 
For the years ended December 31,
(In thousands, except per share data)
2018
 
2017
 
2016
Numerator
 
 
 
 
 
Net loss, basic
$
(153,040
)
 
$
(305,250
)
 
$
(48,359
)
  Add: Interest on 2033 Senior Notes

 

 
2,451

  Change in FV of embedded derivative income

 

 
(7,001
)
Net loss, diluted
$
(153,040
)
 
$
(305,250
)
 
$
(52,909
)
 
 
 
 
 
 
Denominator
 
 
 
 
 
(Shares in thousands)
 
 
 
 
 
Weighted average common shares outstanding, basic
563,144

 
559,161

 
550,847

Effect of dilutive securities:
 
 
 
 
 
  2033 Senior Notes

 

 
4,758

     Dilutive potential shares

 

 
4,758

Weighted average common shares outstanding, diluted
563,144

 
559,161

 
555,605

 
 
 
 
 
 
Loss per share, basic
$
(0.27
)
 
$
(0.55
)
 
$
(0.09
)
Loss per share, diluted
$
(0.27
)
 
$
(0.55
)
 
$
(0.10
)

A total of 16,568,520, 6,255,624 and 4,736,104 potential shares of Common Stock have been excluded from the calculation of diluted net loss per share for the years ended December 31, 2018, 2017 and 2016, respectively, because their inclusion would be antidilutive.
During the year ended December 31, 2018, 540,000 Common Stock options and Common Stock warrants to purchase shares of our Common Stock were exercised, resulting in the issuance of 353,677 shares of Common Stock. Of the 540,000 Common Stock options and Common Stock warrants exercised, 186,323 shares of Common Stock were surrendered in lieu of a cash payment via the net exercise feature of the agreements.
During the year ended December 31, 2017, 1,720,649 Common Stock options and Common Stock warrants to purchase shares of our Common Stock were exercised, resulting in the issuance of 1,447,792 shares of Common Stock. Of the 1,720,649 Common Stock options and Common Stock warrants exercised, 272,857 shares of Common Stock were surrendered in lieu of a cash payment via the net exercise feature of the agreements.
During the year ended December 31, 2016, 3,420,697 Common Stock options and Common Stock warrants to purchase shares of our Common Stock were exercised, resulting in the issuance of 3,292,753 shares of Common Stock. Of the 3,420,697 Common Stock options and Common Stock warrants exercised, 127,944 shares of Common Stock were surrendered in lieu of a cash payment via the net exercise feature of the agreements.