Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per Share

v3.5.0.2
Earnings (Loss) Per Share
9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share is computed by dividing our net income (loss) by the weighted average number of shares outstanding during the period. For diluted earnings per share, the dilutive impact of stock options, warrants and bifurcated conversion options of the 2033 Senior Notes is determined by applying the “treasury stock” 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 (defined in Note 6) in the dilutive computation. The following table sets forth the computation of basic and diluted earnings (loss) per share:
 
For the three months ended September 30,
 
For the nine months ended September 30,
(Shares in thousands)
2016
 
2015
 
2016
 
2015
Numerator
 
 
 
 
 
 
 
Net income (loss) attributable to common shareholders, basic
$
(14,977
)
 
$
128,247

 
$
(11,423
)
 
$
(31,631
)
  Add: Interest on 2033 Senior Notes

 
945

 

 

  Change in FV of embedded derivative income

 
(36,132
)
 

 

Net income (loss) attributable to common shareholders, diluted
$
(14,977
)
 
$
93,060

 
$
(11,423
)
 
$
(31,631
)
 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
(Shares in thousands)
 
 
 
 
 
 
 
Weighted average common shares outstanding, basic
552,229

 
500,562

 
548,551

 
469,931

Effect of dilutive securities:
 
 
 
 
 
 
 
  Stock options

 
6,349

 

 

  Warrants

 
2,065

 

 

  2033 Senior Notes

 
6,537

 

 

     Dilutive potential shares

 
14,951

 

 

Weighted average common shares outstanding, diluted
552,229

 
515,513

 
548,551

 
469,931

 
 
 
 
 
 
 
 
Earnings (loss) per share, basic
$
(0.03
)
 
$
0.26

 
$
(0.02
)
 
$
(0.07
)
Earnings (loss) per share, diluted
$
(0.03
)
 
$
0.18

 
$
(0.02
)
 
$
(0.07
)

A total of 9,175,105 and 11,687,219 potential shares of Common Stock have been excluded from the calculation of diluted net loss per share for the three and nine months ended September 30, 2016, respectively, because their inclusion would be antidilutive. A total of 12,348,652 potential shares of Common Stock have been excluded from the calculation of diluted net loss per share for the nine months ended September 30, 2015, because their inclusion would be antidilutive.
During the three months ended September 30, 2016, 660,921 Common Stock options and Common Stock warrants to purchase shares of our Common Stock were exercised, resulting in the issuance of 658,357 shares of Common Stock. Of the 660,921 Common Stock options and Common Stock warrants exercised, 2,564 shares of Common Stock were surrendered in lieu of a cash payment via the net exercise feature of the agreements.
During the nine months ended September 30, 2016, 2,899,458 Common Stock options and Common Stock warrants to purchase shares of our Common Stock were exercised, resulting in the issuance of 2,771,514 shares of Common Stock. Of the 2,899,458 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.
During the three months ended September 30, 2015, 1,595,614 Common Stock options and Common Stock warrants to purchase shares of our Common Stock were exercised, resulting in the issuance of 1,595,461 shares of Common Stock. Of the 1,595,614 Common Stock options and Common Stock warrants exercised, 153 shares of Common Stock were surrendered in lieu of a cash payment via the net exercise feature of the agreements.
During the nine months ended September 30, 2015, 25,437,929 Common Stock options and Common Stock warrants to purchase shares of our Common Stock were exercised, resulting in the issuance of 24,231,122 shares of Common Stock. Of the 25,437,929 Common Stock options and Common Stock warrants exercised, 1,206,807 shares of Common Stock were surrendered in lieu of a cash payment via the net exercise feature of the agreements.