NET LOSS PER COMMON SHARE

12 Months Ended

Dec. 31, 2015

7 - NET LOSS PER COMMON SHARE

The computation of basic net loss per share is based on the weighted-average number of common shares outstanding during the year. The computation of diluted net loss per share assumes the vesting of nonvested stock awards (refer to Note 23 — 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 798,615 nonvested shares outstanding at December 31, 2015 for the Successor Company (refer to Note 23 — Stock-Based Compensation), all are anti-dilutive. Of the 5,704,974 MIP Warrants and 3,936,761 of Equity Warrants outstanding at December 31, 2015, all are anti-dilutive. The Successor Company’s diluted net loss per share will also reflect the assumed conversion of the Equity Warrants (refer to Note 1 — General Information) and MIP Warrants issued by the Successor Company (refer to Note 23 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. The Predecessor Company’s diluted net loss 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 net loss 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 per share and diluted net loss per share are as follows:

	Successor		Predecessor
	Year	Period from	Period from	Year
	Ended	July 9 to	January 1 to	Ended
	December 31,	December 31,	July 9,	December 31,
	2015	2014	2014	2013
Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	65,831,637	60,360,515	43,568,942	43,249,070


Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	65,831,637	60,360,515	43,568,942	43,249,070

Dilutive effect of warrants	—	—	—	—

Dilutive effect of convertible notes	—	—	—	—

Dilutive effect of restricted stock awards	—	—	—	—


Weighted-average common shares outstanding, diluted	65,831,637	60,360,515	43,568,942	43,249,070

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

	Successor						Predecessor
				Period from			Period from
	Year			July 9 to			January 1 to			Year
	Ended			December 31,			July 9,			Ended
	December 31,			2014			2014			December 31,
	2015			(restated)			(restated)			2013

Net loss attributable to GS&T	$	(194,897	)	$	(182,294	)	$	(951,149	)	$	(147,741	)

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


Net loss attributable to GS&T for the computation of diluted net loss per share	$	(194,897	)	$	(182,294	)	$	(951,149	)	$	(147,741	)