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(Loss) Income Per Common Share | 9 Months Ended
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Sep. 30, 2015
Earnings Per Share [Abstract] |
(Loss) Income Per Common Share | (6) (LOSS) INCOME PER COMMON SHARE Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following tables set forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands except per share amounts):
|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |
| 2015 |  |  |  | 2014 |  |  |  | 2015 |  |  |  | 2014 |
Net (loss) income, as reported | $ | (300,948 | ) |  | $ | 146,418 |  |  | $ | (391,858 | ) |  | $ | 350,328 |
Participating earnings (a) |  | (114 | ) |  |  | (2,479 | ) |  |  | (338 | ) |  |  | (5,940 | )
Basic net (loss) income attributed to common shareholders |  | (301,062 | ) |  |  | 143,939 |  |  |  | (392,196 | ) |  |  | 344,388 |
Reallocation of participating earnings (a) |  | ¾ |  |  |  | 9 |  |  |  | ¾ |  |  |  | 28 |
Diluted net (loss) income attributed to common shareholders | $ | (301,062 | ) |  | $ | 143,948 |  |  | $ | (392,196 | ) |  | $ | 344,416 |
Net (loss) income per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | (1.81 | ) |  | $ | 0.87 |  |  | $ | (2.36 | ) |  | $ | 2.11 |
Diluted | $ | (1.81 | ) |  | $ | 0.86 |  |  | $ | (2.36 | ) |  | $ | 2.10 |
(a) | Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.
The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):
|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |
| 2015 |  |  |  | 2014 |  |  |  | 2015 |  |  |  | 2014 |
Weighted average common shares outstanding – basic |  | 166,517 |  |  |  | 165,841 |  |  |  | 166,327 |  |  |  | 162,866 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Director and employee stock options and SARs |  | ¾ |  |  |  | 619 |  |  |  | ¾ |  |  |  | 819 |
Weighted average common shares outstanding – diluted |  | 166,517 |  |  |  | 166,460 |  |  |  | 166,327 |  |  |  | 163,685 |
Weighted average common shares-basic for the three months ended September 30, 2015 excludes 2.8 million shares of restricted stock and the three months ended September 30, 2014 excludes 2.9 million shares of restricted stock held in our deferred compensation plan (although all awards are issued and outstanding upon grant). Weighted average common shares-basic for both the nine months ended September 30, 2015 and the nine months ended September 30, 2014 excludes 2.8 million shares of restricted stock held in our deferred compensation plan. Due to our net loss from operations for the three months and the nine months ended September 30, 2015, we excluded all outstanding stock appreciation rights (“SARs”) and restricted stock from the computation of diluted net loss per share because the effect would have been anti-dilutive to the computations. For the three months ended September 30, 2014, 351,000 of SARs were outstanding but not included in the computations of diluted income from operations per share because the grant prices of the SARs were greater than the average market price of the common stock. All SARs outstanding for the nine months ended September 30, 2014 were included in the computations of diluted income per share because the grant prices of the SARs were less than the average market price of the common stock.

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