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Earnings per Share | 12 Months Ended
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Dec. 31, 2017
Earnings Per Share [Abstract] |
Earnings per Share | Earnings per Share (EPS) Basic and diluted EPS are computed using the two-class method, which is an earnings allocation that determines EPS for each class of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. The Company’s convertible preferred stock is considered a participating security because holders are entitled to receive dividends on an if-converted basis. The Predecessor Company’s restricted stock awards were considered participating securities because holders were entitled to receive non-forfeitable dividends during the vesting term. Diluted EPS includes securities that could potentially dilute basic EPS during a reporting period and assumes that participating securities are not executed or converted. As such, the Company includes the share-based compensation awards in its potentially dilutive securities. The calculation of diluted EPS for the Predecessor Company also considered the impact of the Debentures. Dilutive securities are not included in the computation of loss per share when a company reports a net loss from continuing operations as the impact would be anti-dilutive. For all but the Predecessor Company’s performance units, the potentially dilutive impact of the Company’s share-based compensation awards is determined using the treasury stock method. Under the treasury stock method, awards are treated as if they had been exercised with any proceeds used to repurchase common stock at the average market price during the period. Any incremental difference between the assumed number of shares issued and purchased is included in the diluted share computation.For the Predecessor Company’s performance units, their contingent features resulted in an assessment for any potentially dilutive common stock by using the end of the reporting period as if it were the end of the contingency period for all units granted. For further discussion of the Company’s share-based compensation awards, see Note 19. “Share-Based Compensation.” Up to the time of cancellation, a conversion of the Debentures could have resulted in payment for any conversion value in excess of the principal amount of the Debentures in the Predecessor Company’s common stock. For diluted EPS purposes, potential common stock was calculated based on whether the market price of the Predecessor Company’s common stock at the end of each reporting period was in excess of the conversion price of the Debentures. The effect of the Debentures was excluded from the calculation of diluted EPS for all periods presented herein because to do so would have been anti-dilutive for those periods. The computation of diluted EPS for the Successor Company excluded aggregate share-based compensation awards of less than 0.1 million for the period April 2 through December 31, 2017. The computation of diluted EPS for the Predecessor Company excluded aggregate share-based compensation awards of approximately 0.2 million, 0.4 million and 0.6 million for the period January 1 through April 1, 2017, and the years ended December 31, 2016 and 2015, respectively, because to do so would have been anti-dilutive for those periods. Because the potential dilutive impact of such share-based compensation awards is calculated under the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share of such awards are higher than the Company’s average stock price during the applicable period. The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS:
| Successor | Predecessor
| April 2 through December 31, 2017 | January 1 through April 1, 2017 |  | Year Ended December 31, 2016 |  | Year Ended December 31, 2015
| (In millions, except per share amounts)
EPS numerator: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations, net of income taxes | $ | 713.1 |  | $ | (195.5 | ) |  | $ | (663.8 | ) |  | $ | (1,783.2 | )
Less: Series A Convertible Preferred Stock dividends | 179.5 |  | — |  |  | — |  |  | — |
Less: Net income attributable to noncontrolling interests | 15.2 |  | 4.8 |  |  | 7.9 |  |  | 7.1 |
Income (loss) from continuing operations attributable to common stockholders, before allocation of earnings to participating securities | 518.4 |  | (200.3 | ) |  | (671.7 | ) |  | (1,790.3 | )
Less: Earnings allocated to participating securities | 129.0 |  | — |  |  | — |  |  | — |
Income (loss) from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1) | 389.4 |  | (200.3 | ) |  | (671.7 | ) |  | (1,790.3 | )
Loss from discontinued operations, net of income taxes | (19.8 | ) | (16.2 | ) |  | (57.6 | ) |  | (175.0 | )
Less: Loss from discontinued operations allocated to participating securities | (4.9 | ) | — |  |  | — |  |  | — |
Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities | (14.9 | ) | (16.2 | ) |  | (57.6 | ) |  | (175.0 | )
Net income (loss) attributable to common stockholders, after allocation of earnings to participating securities (1) | $ | 374.5 |  | $ | (216.5 | ) |  | $ | (729.3 | ) |  | $ | (1,965.3 | )
EPS denominator: |  |  |  |  |  |  |  |  |
Weighted average shares outstanding — basic | 101.1 |  | 18.3 |  |  | 18.3 |  |  | 18.1 |
Impact of dilutive securities | 1.4 |  | — |  |  | — |  |  | — |
Weighted average shares outstanding — diluted (2) | 102.5 |  | 18.3 |  |  | 18.3 |  |  | 18.1 |
Basic EPS attributable to common stockholders: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 3.85 |  | $ | (10.93 | ) |  | $ | (36.72 | ) |  | $ | (98.65 | )
Loss from discontinued operations | (0.15 | ) | (0.88 | ) |  | (3.15 | ) |  | (9.64 | )
Net income (loss) attributable to common stockholders | $ | 3.70 |  | $ | (11.81 | ) |  | $ | (39.87 | ) |  | $ | (108.29 | )
Diluted EPS attributable to common stockholders: |  |  |  |  |  |
Income (loss) from continuing operations | $ | 3.81 |  | $ | (10.93 | ) |  | $ | (36.72 | ) |  | $ | (98.65 | )
Loss from discontinued operations | $ | (0.14 | ) | $ | (0.88 | ) |  | $ | (3.15 | ) |  | $ | (9.64 | )
Net income (loss) attributable to common stockholders | $ | 3.67 |  | $ | (11.81 | ) |  | $ | (39.87 | ) |  | $ | (108.29 | )
(1) | The reallocation adjustment for participating securities to arrive at the numerator to calculate diluted EPS was $1.2 million for the Successor period April 2 through December 31, 2017.
(2) | The two-class method assumes that participating securities are not exercised or converted. As such, weighted average diluted shares outstanding excluded 33.5 million shares related to the participating securities for the Successor period April 2 through December 31, 2017.
In accordance with the Plan, each share of the Predecessor Company’s common stock outstanding prior to the Effective Date, including all options and warrants to purchase such stock, were extinguished, canceled and discharged, and each such share, option or warrant has no further force or effect after the Effective Date. Furthermore, all of the Predecessor Company’s equity award agreements under prior incentive plans, and the equity awards granted pursuant thereto, were extinguished, canceled and discharged and have no further force or effect after the Effective Date. As of December 31, 2017, approximately 17.2 million shares of Preferred Stock had been converted and no Warrants remained unexercised, which together resulted in the issuance of an additional 40.0 million shares of Common Stock. As discussed in Note 13. “Current and Long-term Debt” and Note 18. “Stockholders’ Equity,” approximately 5.8 million shares of Common Stock had been repurchased as of December 31, 2017.

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