Loss per Share

Chapter 11 Proceedings

As a result of the Chapter 11 proceedings, all conversions of the Company’s convertible perpetual preferred stock and conversions of the Company’s outstanding 8.125% and 7.5% Convertible Senior Unsecured Notes to common stock were stayed as of the date of the bankruptcy petition filings and as such, there were no potential common shares related to convertible perpetual preferred stock or Convertible Senior Unsecured Notes at September 30, 2016. See Note 6 for discussion of common stock issued in exchange for Senior Unsecured Notes and issuance of the Convertible Senior Unsecured Notes.

Upon the Company's emergence from bankruptcy on October 4, 2016, as discussed in Note 1, the Company’s then-authorized common stock was canceled and New Common Stock and Warrants were issued. The loss per share amounts disclosed below would have been materially different if the emergence from bankruptcy had occurred before the end of the current period.

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, 2016 and 2015:



	Net Loss			Weighted Average Shares	Loss Per Share
	(In thousands, except per share amounts)
Three Months Ended September 30, 2016
Basic loss per share	$	(404,337	)	718,373	$	(0.56	)
Effect of dilutive securities
Restricted stock and units(1)	—			—
Diluted loss per share	$	(404,337	)	718,373	$	(0.56	)
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	)
Nine Months Ended September 30, 2016
Basic loss per share	$	(1,249,795	)	708,788	$	(1.76	)
Effect of dilutive securities
Restricted stock and units(1)	—			—
Diluted loss per share	$	(1,249,795	)	708,788	$	(1.76	)
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	)

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(1)	No incremental shares of potentially dilutive restricted stock awards or units were included for the three and nine-month periods ended September 30, 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 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.