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 reporting period. 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 89,526 nonvested shares outstanding, including RSUs, at December 31, 2016 for the Successor Company (refer to Note 23 — Stock-Based Compensation), all are anti-dilutive. Of the 713,122 MIP Warrants and 3,936,761 Equity Warrants outstanding at December 31, 2016, 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. Of the 27,061,856 shares of Series A Preferred Stock outstanding at December 31, 2016, all are anti-dilutive. The Successor Company’s diluted net loss per share will also reflect the assumed conversion of the shares of Series A Preferred Stock (refer to Note 1 — General Information) if the impact is dilutive. The Predecessor Company’s diluted net loss per share also reflected the assumed conversion under the Predecessor Company’s convertible debt if the impact was dilutive under the “if converted” method. The impact of the shares convertible under the Predecessor Company’s convertible notes was excluded from the computation of diluted net loss per share when interest expense per common share obtainable upon conversion was greater than basic earnings per share.

On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock. As a result, all share and per share information included for all periods presented for the Successor Company in these consolidated financial statements reflect the reverse stock split.

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	Year	Period from	Period from
	Ended	Ended	July 9 to	January 1 to
	December 31,	December 31,	December 31,	July 9,
	2016	2015	2014	2014

Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	7,251,231	6,583,163	6,036,051	43,568,942

Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	7,251,231	6,583,163	6,036,051	43,568,942

Dilutive effect of Series A Preferred Stock	—	—	—	—

Dilutive effect of warrants	—	—	—	—

Dilutive effect of convertible notes	—	—	—	—

Dilutive effect of restricted stock awards	—	—	—	—

Weighted-average common shares outstanding, diluted	7,251,231	6,583,163	6,036,051	43,568,942

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
	Year		Year		Period from		Period from
	Ended		Ended		July 9 to		January 1 to
	December 31,		December 31,		December 31,		July 9,
	2016		2015		2014		2014

Net loss attributable to GS&T	$	(217,757)	$	(194,897)	$	(182,294)	$	(951,149)

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

Net loss attributable to GS&T for the computation of diluted net loss per share	$	(217,757)	$	(194,897)	$	(182,294)	$	(951,149)