NET (LOSS) INCOME PER COMMON SHARE

12 Months Ended

Dec. 31, 2014

8 - NET (LOSS) INCOME PER SHARE

The computation of basic net (loss) income per share is based on the weighted-average number of common shares outstanding during the year. The computation of diluted net (loss) income per share assumes the vesting of nonvested stock awards (refer to Note 24 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive. Of the 1,110,600 and 0 nonvested shares outstanding at December 31, 2014 and July 9, 2014 for the Successor Company and Predecessor Company, respectively (refer to Note 24 — Stock-Based Compensation), all are anti-dilutive. The Successor Company’s diluted net (loss) income per share will also reflect the assumed conversion of the Equity Warrants and MIP Warrants issued by the Successor Company if the impact is dilutive under the treasury stock method. The Predecessor Company’s diluted net (loss) income per share will also reflect the assumed conversion under the Predecessor Company’s convertible debt if the impact is dilutive under the “if converted” method. The impact of the shares convertible under the Predecessor Company’s convertible notes is excluded from the computation of diluted income per share when interest expense per common share obtainable upon conversion is greater than basic earnings per share.

The components of the denominator for the calculation of basic net (loss) income per share and diluted net (loss) income per share are as follows:

	Successor	Predecessor
	Period from	Period from
	July 9 to	January 1 to
	December 31,	July 9,	Year Ended December 31,
	2014	2014	2013	2012
Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	60,360,515	43,568,942	43,249,070	41,727,075

Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	60,360,515	43,568,942	43,249,070	41,727,075

Dilutive effect of warrants	—	—	—	—

Dilutive effect of convertible notes	—	—	—	—

Dilutive effect of restricted stock awards	—	—	—	—

Weighted-average common shares outstanding, diluted	60,360,515	43,568,942	43,249,070	41,727,075

The following table sets forth a reconciliation of the net (loss) income attributable to GS&T and the net (loss) income attributable to GS&T for diluted net (loss) income per share under the “if-converted” method:

	Successor			Predecessor
	Period from			Period from
	July 9 to			January 1 to
	December 31,			July 9,		Year Ended December 31,
	2014			2014		2013			2012

Net (loss) income attributable to GS&T	$	(182,294	)	$	793,291	$	(147,741	)	$	(144,928	)

Interest expense related to convertible notes, if dilutive	—			—		—			—

Net (loss) income attributable to GS&T for the computation of diluted net (loss) income per share	$	(182,294	)	$	793,291	$	(147,741	)	$	(144,928	)

- Definition

The entire disclosure for earnings per share.

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