Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per Share

v3.3.0.814
Earnings (Loss) Per Share
9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE
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. The dilutive impact of stock options and warrants 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 2033 Senior Notes (defined in Note 6) in the diluted 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)
2015
 
2014
 
2015
 
2014
Numerator
 
 
 
 
 
 
 
Net income (loss) attributable to common shareholders, basic
$
128,247

 
$
(48,669
)
 
$
(31,631
)
 
$
(118,695
)
  Add: Interest on 2033 Senior Notes
779

 

 

 

Net income (loss) attributable to common shareholders, diluted
$
129,026

 
$
(48,669
)
 
$
(31,631
)
 
$
(118,695
)
 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
(Shares in thousands)
 
 
 
 
 
 
 
Weighted average common shares outstanding, basic
500,562

 
427,577

 
469,931

 
418,649

Effect of dilutive securities:
 
 


 
 
 


  Stock options
6,349

 

 

 

  Warrants
2,065

 

 

 

  2033 Senior Notes
5,344

 

 

 

     Dilutive potential shares
13,758

 

 

 

Weighted average common shares outstanding, diluted
514,320

 
427,577

 
469,931

 
418,649

 
 
 
 
 
 
 
 
Earnings (loss) per share, basic
$
0.26

 
$
(0.11
)
 
$
(0.07
)
 
$
(0.28
)
Earnings (loss) per share, diluted
$
0.25

 
$
(0.11
)
 
$
(0.07
)
 
$
(0.28
)

A total of 29,874,112 potential shares of Common Stock have been excluded from the calculation of diluted earnings (loss) per share for the three months ended September 30, 2014, because their inclusion would be antidilutive. A total of 12,348,652 and 29,231,538 potential shares of Common Stock have been excluded from the calculation of diluted earnings (loss) per share for the nine months ended September 30, 2015 and 2014, respectively, because their inclusion would be anti-dilutive.
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 24,231,123 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.
During the three months ended September 30, 2014, 3,556,688 Common Stock options and Common Stock warrants to purchase shares of our Common Stock were exercised, resulting in the issuance of 3,556,602 shares of Common Stock. Of the 3,556,688 Common Stock options exercised, 86 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, 2014, 5,262,094 Common Stock options and Common Stock warrants to purchase shares of our Common Stock were exercised, resulting in the issuance of 4,866,852 shares of Common Stock. Of the 5,262,094 Common Stock options and Common Stock warrants exercised, 395,242 shares of Common Stock were surrendered in lieu of a cash payment via the net exercise feature of the warrant agreements.