Income (Loss) Per Common Share

Basic income (loss) per common share is determined by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted income (loss) per share is determined by dividing 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 Mosing Holdings' Preferred Stock and Mosing Holdings' transfer of interest in FICV to us, the diluted income (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 income (loss) per share calculations (in thousands, except per share amounts):



	Year Ended December 31,
	2017			2016			2015
Numerator - Basic
Net income (loss)	$	(159,457	)	$	(156,079	)	$	106,110
Less: Net (income) loss attributable to noncontrolling interest	—			20,741			(27,000		)
Less: Preferred stock dividends	—			(1		)	(2		)
Net income (loss) available to common shareholders	$	(159,457	)	$	(135,339	)	$	79,108

Numerator - Diluted
Net income (loss) attributable to common shareholders	$	(159,457	)	$	(135,339	)	$	79,108
Add: Net income attributable to noncontrolling interest ^{(1), (2)}	—			—			24,784
Add: Preferred stock dividends ⁽²⁾	—			—			2
Dilutive net income (loss) available to common shareholders	$	(159,457	)	$	(135,339	)	$	103,894

Denominator
Basic weighted average common shares	222,940			176,584			154,662
Exchange of noncontrolling interest for common stock (Note 12) ⁽²⁾	—			—			52,976
Restricted stock units ⁽²⁾	—			—			1,512
Stock to be issued pursuant to ESPP ⁽²⁾	—			—			2
Diluted weighted average common shares	222,940			176,584			209,152

Income (loss) per common share:
Basic	$	(0.72	)	$	(0.77	)	$	0.51
Diluted	$	(0.72	)	$	(0.77	)	$	0.50



(1)	Adjusted for the additional tax expense upon the assumed conversion of the Preferred Stock	$	—	$	—	$	2,216
(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 income (loss) per share as the effect would be anti-dilutive when the results from operations are at a net loss.	648		35,556		—