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Earnings (loss) Per Share ("EPS")
 6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Earnings (loss) Per Share ("EPS")

8. Earnings (loss) Per Share (“EPS”)

Basic earnings (loss) per share is based on net income (loss) attributable to the Company’s earnings (loss) and is calculated based upon the daily weighted-average number of common shares outstanding during the periods presented. Also, this calculation includes fully vested stock and unit awards that have not yet been issued as common stock. Diluted EPS includes the above, plus unvested stock, unit or option awards granted and vested unexercised stock options, but only to the extent these instruments dilute earnings per share. Potentially dilutive securities are excluded from the calculation of diluted earnings (loss) per share for periods that the Company incurs a net loss since including them would have an anti-dilutive effect on earnings (loss) per share.

ASC Topic 260, “Earnings Per Share” (“ASC Topic 260”) requires companies with unvested participating securities to utilize a two­class method for the computation of net income (loss) attributable to the Company per share. The two­class method requires a portion of net income (loss) attributable to the Company to be allocated to participating securities, which are unvested awards of share­based payments with non­forfeitable rights to receive dividends or dividend equivalents, if declared. Net income (loss) allocated to these participating securities was approximately $1 million for the six months ended June 30, 2015 and less than $1 million for the three months ended June 30, 2015 and for the three and six months ended June 30, 2014, respectively, and therefore excluded from net income (loss) attributable to the Company per share calculation.

    

For the three and six months ended June 30, 2015 and 2014, 6,566,619 and 1,992,899, respectively, of stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) were excluded from the computation of diluted earnings (loss) per share due to their antidilutive effect. Basic and diluted earnings (loss) per share follows (in millions, except share data): 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Numerator for basic and diluted net income (loss) per share attributable to the Company's stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to the Company

$

(19

)

 

$

27

 

 

$

(29

)

 

$

68

 

Less: net income (loss) attributable to nonvested shares

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

Net income (loss) attributable to the Company's stockholders

$

(19

)

 

$

27

 

 

$

(28

)

 

$

68

 

Denominator for basic earnings (loss) per share attributable to the Company's stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

107,178,567

 

 

 

107,053,082

 

 

 

107,147,086

 

 

 

107,053,058

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of stock-based compensation

 

—

 

 

 

497,263

 

 

 

—

 

 

 

456,550

 

Denominator for diluted earnings (loss) per share attributable to the Company's stockholders

 

107,178,567

 

 

 

107,550,345

 

 

 

107,147,086

 

 

 

107,509,608

 

Earnings (loss) per share attributable to the Company's stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.18

)

 

$

0.25

 

 

$

(0.27

)

 

$

0.64

 

Diluted

$

(0.18

)

 

$

0.25

 

 

$

(0.27

)

 

$

0.63