Earnings per Share

3 Months Ended

Mar. 31, 2017

Note 12—Earnings per Share

We compute EPS only for the period our common stock was outstanding during 2017, referred to as the Post-IPO period. We have defined the Post-IPO period as February 1, 2017, the date our shares began trading on the New York Stock Exchange, through March 31, 2017, or 59 days of activity for the reporting period ended March 31, 2017. Basic EPS is computed by dividing the net loss available to common shareholders for the Post-IPO period by the weighted average number of shares outstanding during the Post-IPO period, adjusted for nonvested shares of RSUs and RSAs. Diluted EPS is similar to computing basic EPS, except that the denominator is increased to include the dilutive effects of nonvested RSUs and RSAs except when doing so would be anti-dilutive.

All outstanding nonvested RSUs and RSAs that have nonforfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating securities according to dividends or dividend equivalent and participation rights in undistributed earnings in periods when we have net income. All of our nonvested RSUs and RSAs are considered participating securities.

Basic and diluted EPS are calculated as follows:



(in thousands, except share and per share data)	February 1, 2017 through March 31, 2017
Numerator:
Net loss available to common shareholders	$	(25,512	)

Denominator:
Basic and diluted weighted average common shares outstanding	311,651,082

Net loss per common share — basic and diluted	$	(0.08	)

Incremental shares attributed to nonvested RSUs and RSAs of 297,176 for the period ended March 31, 2017, were excluded from the computation of diluted EPS because we had a net loss for the period, and any incremental shares would be anti-dilutive.