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(Loss) Earnings per Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
(Loss) Earnings Per Share
(Loss) Earnings per Share

The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted loss per share, for the three and nine-month periods ended September 30, 2015 and 2014:
 
Net (Loss) Income
 
Weighted Average Shares
 
(Loss) Earnings Per Share
 
(In thousands, except per share amounts)
Three Months Ended September 30, 2015
 
 
 
 
 
Basic loss per share
$
(649,526
)
 
526,388

 
$
(1.23
)
Effect of dilutive securities
 
 
 
 
 
Restricted stock and units(1)
—

 
—

 
 
Convertible preferred stock(2)
—

 
—

 
 
Convertible senior unsecured notes(3)
—

 
—

 
 
Diluted loss per share
$
(649,526
)
 
526,388

 
$
(1.23
)
Three Months Ended September 30, 2014
 
 
 
 
 
Basic earnings per share
$
145,957

 
485,458

 
$
0.30

Effect of dilutive securities
 
 
 
 
 
Restricted stock
—

 
320

 
 
Convertible preferred stock
11,381

 
90,133

 
 
Diluted earnings per share
$
157,338

 
575,911

 
$
0.27

Nine Months Ended September 30, 2015
 
 
 
 
 
Basic loss per share
$
(3,070,916
)
 
500,077

 
$
(6.14
)
Effect of dilutive securities
 
 
 
 
 
Restricted stock and units(1)
—

 
—

 
 
Convertible preferred stock(2)
—

 
—

 
 
Convertible senior unsecured notes(3)
—

 
—

 
 
Diluted loss per share
$
(3,070,916
)
 
500,077

 
$
(6.14
)
Nine Months Ended September 30, 2014
 
 
 
 
 
Basic loss per share
$
(51,036
)
 
485,194

 
$
(0.11
)
Effect of dilutive securities
 
 
 
 
 
Restricted stock(4)
—

 
—

 
 
Convertible preferred stock(5)
—

 
—

 
 
Diluted loss per share
$
(51,036
)
 
485,194

 
$
(0.11
)
____________________
(1)
No incremental shares of potentially dilutive restricted stock awards or units were included for the three and nine-month periods ended September 30, 2015 as their effect was antidilutive under the treasury stock method.
(2)
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 three and nine-month periods ended September 30, 2015, were excluded from the computation of loss per share because their effect would have been antidilutive under the if-converted method.
(3)
Potential common shares related to the Company’s outstanding 8.125% and 7.5% Convertible Senior Unsecured Notes covering 43.4 million and 14.6 million shares for the three and nine-month periods ended September 30, 2015, respectively, were excluded from the computation of loss per share because their effect would have been antidilutive under the if-converted method.
(4)
Restricted stock awards covering 2.8 million shares for the nine-month period ended September 30, 2014 were excluded from the computation of loss per share because their effect would have been antidilutive.
(5)
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 nine-month period ended September 30, 2014, were excluded from the computation of loss per share because their effect would have been antidilutive under the if-converted method.

See Note 7 for discussion of common stock issued in exchange for Senior Unsecured Notes and issuance of the Convertible Senior Unsecured Notes. See Note 11 for discussion of common stock issued in payment of preferred stock dividends.