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Earnings (Loss) Per Common Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is determined by dividing net income (loss), less preferred stock dividends, by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is determined by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding, assuming all potentially dilutive shares were issued.
    
We apply the treasury stock method to determine the dilutive weighted average common shares represented by the unvested restricted stock units and ESPP shares. The diluted earnings (loss) per share calculation assumes the conversion of 100% of our outstanding Preferred Stock on an as if converted basis. Accordingly, the numerator is also adjusted to include the earnings allocated to the noncontrolling interest after taking into account the tax effect of such exchange.

The following table summarizes the basic and diluted earnings (loss) per share calculations (in thousands, except per share amounts):
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2016
 
2015
 
2016
 
2015
Numerator - Basic
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(45,287
)
 
$
28,853

 
$
(47,695
)
 
$
75,254

Less: Net (income) loss attributable to noncontrolling interest
13,889

 
(8,023
)
 
15,525

 
(20,145
)
Less: Preferred stock dividends
(1
)
 
(2
)
 
(1
)
 
(2
)
Net income (loss) available to common shareholders
$
(31,399
)
 
$
20,828

 
$
(32,171
)
 
$
55,107

 
 
 
 
 
 
 
 
Numerator - Diluted
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to common shareholders
$
(31,399
)
 
$
20,828

 
$
(32,171
)
 
$
55,107

Add: Net income attributable to noncontrolling interest (1), (2)
—

 
7,664

 
—

 
17,602

Add: Preferred stock dividends (2)
—

 
2

 
—

 
2

Dilutive net income (loss) available to common shareholders
$
(31,399
)
 
$
28,494

 
$
(32,171
)
 
$
72,711

 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
Basic weighted average common shares
155,440

 
154,344

 
155,342

 
154,337

Exchange of noncontrolling interest for common stock (Note 11), (2)
—

 
52,976

 
—

 
52,976

Restricted stock units (2)
—

 
1,789

 
—

 
1,489

Stock to be issued pursuant to ESPP (2)
—

 
5

 
—

 
2

Diluted weighted average common shares
155,440

 
209,114

 
155,342

 
208,804

 
 
 
 
 
 
 
 
Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(0.20
)
 
$
0.14

 
$
(0.21
)
 
$
0.36

Diluted
$
(0.20
)
 
$
0.14

 
$
(0.21
)
 
$
0.35

 
 
 
 
 
 
 
 
 
(1)
Adjusted for the additional tax expense upon the assumed conversion of the Preferred Stock
$
—

 
$
359

 
$
—

 
$
2,543

(2)
Approximate number of shares of potentially convertible preferred stock to common stock, unvested restricted stock units and stock to be issued pursuant to the ESPP have been excluded from the computation of diluted earnings (loss) per share as the effect would be anti-dilutive when the results from operations are at a net loss.
54,534

 
—

 
54,489

 
—