5. Net Income (Loss) Per Share

Basic and diluted net loss per share have been calculated using the weighted-average number of common shares outstanding for the period. Our previously outstanding Class A Preferred Stock, Class B Preferred Stock and Junior Preferred Stock were all considered participating securities requiring the two-class method to calculate basic and diluted earnings per share. In periods of a net loss attributable to common stock, the three classes of preferred stock were excluded from the computation of basic earnings per share either due to the fact that they were not required to fund losses or because the redemption amount was not reduced as a result of losses.

For the years ended December 31, 2013, 2012 and 2011 all outstanding shares of common stock underlying stock options and ACM Units were excluded from the computation of diluted shares outstanding because they were anti-dilutive. For the year ended December 31, 2013, all outstanding shares of common stock underlying deferred stock units and restricted stock units were also excluded from the computation of diluted shares outstanding because they were anti-dilutive. Additionally, all outstanding shares of convertible preferred stock were excluded from the computation of diluted shares outstanding for the period prior to their conversion into common stock upon the IPO for the year ended December 31, 2013 and for the years ended December 31, 2012 and 2011 because they were anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share using the two-class method; however, because of the undistributed losses in every year, the three classes of preferred stock are excluded from the computation of basic earnings per share as undistributed losses are not allocated to preferred shares (in thousands, except per share amounts):


	For the Years Ended December 31,
	2013			2012			2011
Net income (loss)	$	(111,289	)	$	(32,714	)	$	23,615
Less: Preferred stock return		29,277			52,427			31,331
Less: Accretion of preferred stock		5,285			10,499			10,181

Undistributed losses	$	(145,851	)	$	(95,640	)	$	(17,897	)

Weighted-average common shares outstanding-basic and diluted		47,832			6,798			6,798

Net loss attributable to common stock per share-basic and diluted	$	(3.05	)	$	(14.07	)	$	(2.63	)