The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted earnings per share, for the years ended December 31, 2014, 2013 and 2012 (in thousands):



	Income (Loss)			Weighted Average Shares	Earnings (Loss) Per Share
	(In thousands, except per share amounts)
Year Ended December 31, 2014
Basic earnings per share	$	203,260		479,644	$	0.42
Effect of dilutive securities
Restricted stock	—			2,181
Convertible preferred stock(1)	6,500			17,918
Diluted earnings per share	$	209,760		499,743	$	0.42
Year Ended December 31, 2013
Basic loss per share	$	(609,414	)	481,148	$	(1.27	)
Effect of dilutive securities
Restricted stock(2)	—			—
Convertible preferred stock(3)	—			—
Diluted loss per share	$	(609,414	)	481,148	$	(1.27	)
Year Ended December 31, 2012
Basic earnings per share	$	86,046		453,595	$	0.19
Effect of dilutive securities
Restricted stock	—			2,420
Convertible preferred stock(3)	—			—
Diluted earnings per share	$	86,046		456,015	$	0.19

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(1)	Potential common shares related to the Company’s outstanding 8.5% and 7.0% convertible perpetual preferred stock covering 71.7 million shares for the year ended December 31, 2014 were excluded from the computation of earnings per share because their effect would have been antidilutive under the if-converted method.


(2)	Restricted stock awards covering 0.5 million shares were excluded from the computation of loss per share because their effect would have been antidilutive.


(3)	Potential common shares related to the Company’s outstanding 8.5%, 6.0% and 7.0% convertible perpetual preferred stock covering 90.1 million shares for the years ended December 31, 2013 and 2012, were excluded from the computation of earnings (loss) per share because their effect would have been antidilutive under the if-converted method.