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(Loss) Earnings per Share | 12 Months Ended
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Dec. 31, 2015
Earnings Per Share [Abstract] |
(Loss) Earnings per Share | (Loss) Earnings per Share Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed using the weighted average shares outstanding during the period, but also include the dilutive effect of awards of restricted stock and restricted stock units, using the treasury stock method, and outstanding convertible perpetual preferred stock and convertible senior notes, using the if-converted method. 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, 2015, 2014 and 2013 (in thousands):
| Net (Loss) Income |  | Weighted Average Shares |  | (Loss) Earnings Per Share
| (In thousands, except per share amounts)
Year Ended December 31, 2015 |  |  |  |  |
Basic loss per share | $ | (3,735,495 | ) |  | 521,936 |  |  | $ | (7.16 | )
Effect of dilutive securities |  |  |  |  |
Restricted stock and units(1) | — |  |  | — |  |  |
Convertible preferred stock(2) | — |  |  | — |  |  |
Convertible senior unsecured notes(3) | — |  |  | — |  |  |
Diluted loss per share | $ | (3,735,495 | ) |  | 521,936 |  |  | $ | (7.16 | )
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(2) | 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(4) | — |  |  | — |  |  |
Convertible preferred stock(5) | — |  |  | — |  |  |
Diluted loss per share | $ | (609,414 | ) |  | 481,148 |  |  | $ | (1.27 | )
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(1) | No incremental shares of potentially dilutive restricted stock awards or units were included for the year ended December 31, 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 71.2 million and 71.7 million shares for the years ended December 31, 2015 and 2014, respectively, were excluded from the computation of (loss) earnings 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 48.5 million shares for the year ended December 31, 2015 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 0.5 million shares 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 year ended December 31, 2013 were excluded from the computation of loss per share because their effect would have been antidilutive under the if-converted method.
See Note 16 for discussion of the Company’s convertible perpetual preferred stock.

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