XML 60 R18.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Net Income Per Share | 9 Months Ended
--- | ---
Sep. 30, 2015
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 and dividends on potentially dilutive securities, net of tax, and the denominator is increased by the weighted average number of shares resulting from potentially dilutive securities, assuming full conversion. No dilutive effect is recognized in a period in which a net loss has occurred. Net income (loss) per share information reported for the three and nine months ended September 30, 2015 is not comparative to the corresponding periods in 2014 as a result of the emergence from Chapter 11 bankruptcy and the application of fresh start accounting. On the Effective Date, all debt and stock of the Predecessor Company were cancelled and new debt and stock for the Successor Company were issued.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| Successor |  |  | Predecessor |  | Successor |  |  | Predecessor
(in millions, except per share amounts) | 2015 |  |  | 2014 |  | 2015 |  |  | 2014
Numerators: |  |  |  |  |  |  |  |  |
Net income (loss) - basic | $ | (55.1 | ) |  |  | $ | 418.9 |  |  | $ | (85.6 | ) |  |  | $ | 340.1 |
Interest expense on convertible notes | — |  |  |  | 3.0 |  |  | — |  |  |  | 9.0 |
Net income (loss), if converted - diluted | $ | (55.1 | ) |  |  | $ | 421.9 |  |  | $ | (85.6 | ) |  |  | $ | 349.1 |
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares | 9.1 |  |  |  | 5.0 |  |  | 9.0 |  |  |  | 5.0 |
Less: Weighted average unvested restricted stock | — |  |  |  | 0.1 |  |  | — |  |  |  | 0.1 |
Denominator for basic calculation | 9.1 |  |  |  | 4.9 |  |  | 9.0 |  |  |  | 4.9 |
Weighted average effect of dilutive securities: |  |  |  |  |  |  |  |  |
Stock compensation awards (a) | — |  |  |  | — |  |  | — |  |  |  | — |
Convertible notes | — |  |  |  | 1.8 |  |  | — |  |  |  | 1.8 |
Convertible preferred stock: |  |  |  |  |  |  |  |  |  |  |
Equivalent common shares | — |  |  |  | 35.8 |  |  | — |  |  |  | 27.2 |
Less: share issuance limitation (b) | — |  |  |  | 34.9 |  |  | — |  |  |  | 26.3 |
Net allowable common shares | — |  |  |  | 0.9 |  |  | — |  |  |  | 0.9 |
Subtotal | — |  |  |  | 2.7 |  |  | — |  |  |  | 2.7 |
Less: shares excluded in a period of a net loss | — |  |  |  | — |  |  | — |  |  |  | — |
Weighted average effect of dilutive securities | — |  |  |  | 2.7 |  |  | — |  |  |  | 2.7 |
Denominator for diluted calculation | 9.1 |  |  |  | 7.6 |  |  | 9.0 |  |  |  | 7.6 |
Net income (loss) per share - basic | $ | (6.05 | ) |  |  | $ | 85.49 |  |  | $ | (9.51 | ) |  |  | $ | 69.41 |
Net income (loss) per share - diluted | $ | (6.05 | ) |  |  | $ | 55.51 |  |  | $ | (9.51 | ) |  |  | $ | 45.93 |
(a) | Compensation awards under the 2014 Equity Incentive Plan resulted in common stock equivalents of less than 0.1 million shares of common stock and are excluded from the diluted calculation as a result of net losses in the three and nine months ended September 30, 2015.
(b) | Conversion of the convertible preferred stock of the Predecessor Company was limited based on NYSE rules requiring shareholder approval.
Options and warrants to purchase shares of common stock having an exercise price greater than the average share market price are excluded from the calculation of diluted net income (loss) per share:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| Successor |  |  |  | Predecessor |  |  | Successor |  |  |  | Predecessor |
| 2015 |  |  |  | 2014 |  |  | 2015 |  |  |  | 2014 |
Options excluded from diluted net income per share | 382,500 |  |  |  |  | 200 |  |  |  | 382,500 |  |  |  |  | 200 |  |
Warrants excluded from diluted net income per share | N/A |  |  |  |  | 250,000 |  |  |  | N/A |  |  |  |  | 250,000 |  |
Exercise price of excluded options | $ | 3.90 |  | to |  |  | $ | 283.25 |  | to |  | $ | 3.90 |  | to |  |  | $ | 283.25 |  | to
| $ | 5.62 |  |  |  |  | $ | 357.00 |  |  |  | $ | 5.62 |  |  |  |  | $ | 357.00 |  |
Exercise price of excluded warrants | N/A |  |  |  |  | $ | 187.50 |  |  |  | N/A |  |  |  |  | $ | 187.50 |  |

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration