(Loss) Earnings per Share

12 Months Ended

Dec. 31, 2018

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 (loss) earnings per share:


	Net (Loss) Income		Weighted Average Shares	(Loss) Earnings Per Share
	(In thousands, except per share amounts)
Year Ended December 31, 2018 (Successor)
Basic loss per share	$	(9,075)	35,057	$	(0.26)
Effect of dilutive securities
Restricted stock awards (1)	—		—
Performance share units(1)	—		—
Warrants(1)	—		—
Diluted loss per share	$	(9,075)	35,057	$	(0.26)
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(2)	—		—
Warrants(2)	—		—
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 awards(3)	—		—
Warrants(3)	—		—
Convertible Notes (4)	—		—
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(5)	—		—
Diluted earnings per share	$	1,424,476	708,928	$	2.01

____________________

1.No incremental shares of potentially dilutive restricted stock awards, performance share units or warrants were included for the year ended December 31, 2018, as their effect was antidilutive under the treasury stock method.

2.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 under the treasury stock method.

3.No incremental shares of potentially dilutive restricted stock awards or warrants were included for the Successor 2016 Period as their effect was antidilutive under the treasury stock method.

4.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.

5.No incremental shares of potentially dilutive restricted stock awards were included for the Predecessor 2016 Period as their effect was antidilutive under the treasury stock method.

See Note 15 for discussion of the Company’s share-based compensation awards.