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Earnings (Loss) Per Common Share
 9 Months Ended
Sep. 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. Through August 26, 2016, the date of the conversion of all of MHI's Preferred Stock and MHI's transfer of interest in FICV to us (see Note 11 – Preferred Stock), the diluted earnings (loss) per share calculation assumed the conversion of 100% of our outstanding Preferred Stock on an as if converted basis. Accordingly, the numerator was 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
 
Nine Months Ended
 
September 30,
 
September 30,
 
2016
 
2015
 
2016
 
2015
Numerator - Basic
 
 
 
 
 
 
 
Net income (loss)
$
(42,198
)
 
$
24,088

 
$
(89,893
)
 
$
99,342

Less: Net (income) loss attributable to noncontrolling interest
5,216

 
(7,523
)
 
20,741

 
(27,668
)
Less: Preferred stock dividends
—

 
—

 
(1
)
 
(2
)
Net income (loss) available to common shareholders
$
(36,982
)
 
$
16,565

 
$
(69,153
)
 
$
71,672

 
 
 
 
 
 
 
 
Numerator - Diluted
 
 
 
 
 
 
 
Net (loss) attributable to common shareholders
$
(36,982
)
 
$
16,565

 
$
(69,153
)
 
$
71,672

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

 
5,911

 
—

 
23,513

Add: Preferred stock dividends (2)
—

 
—

 
—

 
2

Dilutive net income (loss) available to common shareholders
$
(36,982
)
 
$
22,476

 
$
(69,153
)
 
$
95,187

 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
Basic weighted average common shares
177,125

 
154,813

 
162,656

 
154,502

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

 
52,976

 
—

 
52,976

Restricted stock units (2)
—

 
1,559

 
—

 
1,573

Stock to be issued pursuant to ESPP (2)
—

 
1

 
—

 
1

Diluted weighted average common shares
177,125

 
209,349

 
162,656

 
209,052

 
 
 
 
 
 
 
 
Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(0.21
)
 
$
0.11

 
$
(0.43
)
 
$
0.46

Diluted
$
(0.21
)
 
$
0.11

 
$
(0.43
)
 
$
0.46

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

 
$
1,612

 
$
—

 
$
4,155

 
 
 
 
 
 
 
 
 
(2)
Approximate number of shares of potentially convertible preferred stock to common stock up until the time of conversion on August 26, 2016, 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.
32,977

 
—

 
47,273

 
—