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Earnings (Loss) per Share
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
(Loss) Earnings per Share Earnings (Loss) per Share

As discussed in Note 1, on the Emergence Date, the Predecessor Company’s then-authorized common stock was canceled and the new Common Stock and Warrants were issued.

The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted earnings (loss) per share:
 
Net Income (Loss)
 
Weighted Average Shares
 
Earnings (Loss) Per Share
 
(In thousands, except per share amounts)
Year Ended December 31, 2017 (Successor)
 
 
 
 
 
Basic earnings per share
$
47,062

 
32,442

 
$
1.45

Effect of dilutive securities
 
 
 
 
 
Restricted stock awards
—

 
221

 
 
Performance share units(1)
—

 
—

 
 
Warrants(1)
—

 
—

 
 
Diluted earnings per share
$
47,062

 
32,663

 
$
1.44

Period from October 2, 2016 to December 31, 2016 (Successor)
 
 
 
 
 
Basic loss per share
$
(333,982
)
 
18,967

 
$
(17.61
)
Effect of dilutive securities
 
 
 
 
 
Restricted stock(2)
—

 
—

 
 
Warrants(2)
—

 
—

 
 
Convertible Notes(3)
—

 
—

 
 
Diluted loss per share
$
(333,982
)
 
18,967

 
$
(17.61
)
 
 
 
 
 
 
 
 
 
 
 
 
Period from January 1, 2016 to October 1, 2016 (Predecessor)
 
 
 
 
 
Basic earnings per share
$
1,424,476

 
708,928

 
$
2.01

Effect of dilutive securities
 
 
 
 
 
Restricted stock and units(4)
—

 
—

 
 
Diluted earnings per share
$
1,424,476

 
708,928

 
$
2.01

Year Ended December 31, 2015 (Predecessor)
 
 
 
 
 
Basic loss per share
$
(3,735,495
)
 
521,936

 
$
(7.16
)
Effect of dilutive securities
 
 
 
 
 
Restricted stock and units(4)
—

 
—

 
 
Convertible preferred stock (5)
—

 
—

 
 
Convertible senior unsecured notes(6)
—

 
—

 
 
Diluted loss per share
$
(3,735,495
)
 
521,936

 
$
(7.16
)

____________________
(1)
No incremental shares of potentially dilutive performance share units or warrants were included for the year ended December 31, 2017, as their effect was antidilutive. See Note 17 for discussion of the Company’s share and incentive-based compensation awards.
(2)
No incremental shares of potentially dilutive restricted stock awards or warrants were included for the Successor 2016 Period as their effect was antidilutive.
(3)
Potential common shares related to the Convertible Notes covering 14.6 million shares for the Successor 2016 Period were excluded from the computation of loss per share because their effect would have been antidilutive under the if-converted method.
(4)
No incremental shares of potentially dilutive restricted stock awards or units were included for the Predecessor 2016 Period and the year ended December 31, 2015 as their effect was antidilutive under the treasury stock method.
(5)
Potential common shares related to the Predecessor Company’s then-outstanding 8.5% and 7.0% convertible perpetual preferred stock covering 71.2 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.
(6)
Potential common shares related to the Predecessor Company’s then-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.
See Note 16 for discussion of the Predecessor Company’s convertible perpetual preferred stock. The remaining outstanding Convertible Notes were converted into shares of Common Stock as when the Company refinanced its credit facility on February 10, 2017.