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Net Income Per Share | 9 Months Ended
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Sep. 30, 2014
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, excluding any unvested restricted stock. In calculating diluted net income per share, the numerator is increased by interest expense on the convertible notes and convertible preferred stock dividends, net of tax, and the denominator is increased by the weighted average number of shares resulting from potentially dilutive securities, assuming full conversion, consisting of stock compensation awards, convertible notes, convertible preferred stock and warrants. No dilutive effect is recognized in a period in which a net loss has occurred or in which the assumed conversion effect of convertible securities is antidilutive. All outstanding shares of Old Common Stock were cancelled as of the Effective Date. As there is no consolidated statements of operations for the Successor Company for the periods ended September 30, 2014, basic and diluted net income (loss) per share computations for the three and nine months ended September 30, 2014 are based on the weighted-average number of shares of Old Common Stock (as adjusted for dilutive effects of potential common shares) outstanding during the period prior to the cancellation of the Old Common Stock on September 30, 2014.
| Predecessor
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
| (millions)
Numerators: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 418.9 |  |  | $ | (44.3 | ) |  | $ | 340.1 |  |  | $ | (108.9 | )
Income from discontinued operations | — |  |  | — |  |  | — |  |  | 21.7 |
Net income (loss) | $ | 418.9 |  |  | $ | (44.3 | ) |  | $ | 340.1 |  |  | $ | (87.2 | )
Interest expense on convertible notes (a) | 3.0 |  |  | — |  |  | 9.0 |  |  | — |
Net income if-converted - diluted | $ | 421.9 |  |  | $ | (44.3 | ) |  | $ | 349.1 |  |  | $ | (87.2 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares | 5.0 |  |  | 5.0 |  |  | 5.0 |  |  | 5.0 |
Less: Weighted average unvested restricted stock | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Denominator for basic calculation | 4.9 |  |  | 4.9 |  |  | 4.9 |  |  | 4.9 |
Weighted average effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |
Convertible notes | 1.8 |  |  | 1.8 |  |  | 1.8 |  |  | 1.8 |
Convertible preferred stock: |  |  |  |  |  |  |  |  |  |  |
Equivalent common shares (b) | 35.8 |  |  | 13.7 |  |  | 27.2 |  |  | 10.5 |
Less: share issuance limitation (c) | 34.9 |  |  | 12.8 |  |  | 26.3 |  |  | 9.6 |
Net allowable common shares | 0.9 |  |  | 0.9 |  |  | 0.9 |  |  | 0.9 |
Subtotal | 2.7 |  |  | 2.7 |  |  | 2.7 |  |  | 2.7 |
Less: shares excluded in a period of a net loss or antidilution | — |  |  | 2.7 |  |  | — |  |  | 2.7 |
Weighted average effect of dilutive securities | 2.7 |  |  | — |  |  | 2.7 |  |  | — |
Denominator for diluted calculation | 7.6 |  |  | 4.9 |  |  | 7.6 |  |  | 4.9 |
Income (loss) per share from continuing operations – basic | $ | 85.49 |  |  | $ | (9.04 | ) |  | $ | 69.41 |  |  | $ | (22.22 | )
Income (loss) per share from continuing operations – diluted | $ | 55.51 |  |  | $ | (9.04 | ) |  | $ | 45.93 |  |  | $ | (22.22 | )
Income per share from discontinued operations – basic and diluted | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.43 |
Net income (loss) per share – basic | $ | 85.49 |  |  | $ | (9.04 | ) |  | $ | 69.41 |  |  | $ | (17.79 | )
Net income (loss) per share – diluted | $ | 55.51 |  |  | $ | (9.04 | ) |  | $ | 45.93 |  |  | $ | (17.79 | )
(a) | Interest expense on Old Notes and Old Preferred Stock dividends was $5.1 million in the three months ended September 30, 2013 and $15.2 million in the nine months ended September 30, 2013. The tax rate is the statutory rate.
No dilutive effect is recognized in a period in which a net loss has occurred. In addition, for purposes of calculating income from discontinued operations per share, the calculation of (loss) from continuing operations per share provides a control number in determining whether potential common shares are dilutive or antidilutive. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss (discontinued operations and net income/loss), regardless of their antidilutive effect on such categories. Therefore, no dilutive effect is recognized in the calculation of income from discontinued operations per share.
(b) | The number of equivalent shares of Old Common Stock for the Old Preferred Stock was based on the arithmetic average of the daily volume weighted average prices per share of Old Common Stock for each of the last 20 trading days, and was determined as of the beginning of the period for purposes of calculating diluted net income per share.
(c) | Prior to obtaining shareholder approval, the Company's Old Preferred Stock could not have been converted into an aggregate number of shares of Old Common Stock in excess of 19.99% of the shares of Old Common Stock outstanding on May 25, 2010 (approximately 0.9 million shares adjusted to take into account the 1-for-25 reverse stock split), in compliance with the rules of the NYSE. If a share issuance limitation were to exist at the time of share conversion or sale, any shares of Old Preferred Stock subject to the share issuance limitation would have been subject to optional or mandatory redemption for, at the Company's option, cash or SWU consideration. However, the Company’s ability to redeem may have been limited by Delaware law and the Bankruptcy Code.
Options and warrants to purchase shares of Old Common Stock having an exercise price greater than the average share market price are excluded from the calculation of diluted net income per share:
| Predecessor |
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Options excluded from diluted net income per share | 200 |  |  |  | 1,000 |  |  |  | 200 |  |  |  | 1,000 |  |
Warrants excluded from diluted net income per share | 250,000 |  |  |  | 250,000 |  |  |  | 250,000 |  |  |  | 250,000 |  |
Exercise price of excluded options | $ | 283.25 |  | to |  | $ | 177.50 |  | to |  | $ | 283.25 |  | to |  | $ | 177.50 |  | to
| $ | 357.00 |  |  |  | $ | 357.00 |  |  |  | $ | 357.00 |  |  |  | $ | 357.00 |  |
Exercise price of excluded warrants | $ | 187.50 |  |  |  | $ | 187.50 |  |  |  | $ | 187.50 |  |  |  | $ | 187.50 |  |
Net income (loss) per share information reported for the three and nine months ended September 30, 2014 is not comparative to the share information reported for the corresponding periods of 2013 as a result of the emergence from Chapter 11 bankruptcy and the application of fresh start accounting.

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