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Net Income Per Share (Tables) | 9 Months Ended
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Sep. 30, 2014
Earnings Per Share [Abstract] |
Schedule of Net Income Per Share |
| 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.
Schedule of Securities Excluded from Net Income Per Share | 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 |  |

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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