Loss 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-month periods ended March 31, 2016 and 2015:



	Net Loss			Weighted Average Shares	Loss Per Share
	(In thousands, except per share amounts)
Three Months Ended March 31, 2016
Basic loss per share	$	(324,107	)	689,784	$	(0.47	)
Effect of dilutive securities
Restricted stock and units(1)	—			—
Convertible preferred stock(2)	—			—
Convertible senior unsecured notes(3)	—			—
Diluted loss per share	$	(324,107	)	689,784	$	(0.47	)
Three Months Ended March 31, 2015
Basic loss per share	$	(1,045,834	)	478,165	$	(2.19	)
Effect of dilutive securities
Restricted stock and units(1)	—			—
Convertible preferred stock(2)	—			—
Diluted loss per share	$	(1,045,834	)	478,165	$	(2.19	)

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(1)	No incremental shares of potentially dilutive restricted stock awards or units were included for the three-month periods ended March 31, 2016 or 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 67.6 million and 71.7 million shares for the three-month periods ended March 31, 2016 and 2015, respectively, 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 58.3 million shares for the three-month period ended March 31, 2016 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.