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Earnings Per Share | 3 Months Ended
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Mar. 31, 2016
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Earnings Per Share | Note 11: Earnings Per Share Earnings p e r s h a r e is calculated using the two-class method in which earnings are allocated to common stock and participating securities based on their rights to receive nonforfeitable dividends or dividend equivalents. The Company grants restricted stock and restricted stock units to certain employees and non-employee directors in accordance with the Company’s long-term incentive programs, which entitle the participants to receive nonforfeitable dividends or dividend equivalents during the vesting period on the same basis as those dividends are paid to common shareholders. These unvested stock awards represent participating securities. During periods of net income, the calculation of earnings per share exclude the income attributable to par ticipating securities in the numerator and the dilutive impact of these securities from the denominator. During periods of net loss, no effect is given to participating securities in the numerator and the denominator excludes the dilutive impact of these s ecurities since they do not share in the losses of the Company. Basic earnings per share excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the peri od. Diluted earnings per share reflects the dilutive effect of all stock options, warrants and unvested restricted stock outstanding during the period that could potentially result in the issuance of common stock. The dilution from stock options, warrants and unvested restricted stock are calculated by applying the two-class method and using the treasury stock method. The treasury stock method assumes the proceeds from the exercise of stock options and warrants or the unrecognized compensation expense from unvested restricted stock will be used to purchase shares of the Company’s common stock at the average market price during the period. For the three months ended March 31, 2016 and 2015, there were 16,685,220 and 17,957,392, respectiv ely, of stock options, warrants and unvested restricted stock outstanding that were antidilutive. T h e followin g tabl e present s th e computation of basic and diluted earnings per share f o r th e three months ended March 31, 2016 and 2015:
|  |  |  | Three Months Ended March 31, |
| $ in millions except share and per share amounts |  | 2016 |  | 2015 |
| Basic earnings per share: |  |  |  |  |  |  |
|  | Net income (loss) |  | $ | (78) |  | $ | 69 |
|  | Less: undistributed earnings allocated to participating securities |  |  | - |  |  | 2 |
|  | Net income (loss) available to common shareholders |  |  | (78) |  |  | 67 |
|  | Basic weighted average shares (1) |  |  | 135,814,835 |  |  | 181,735,876 |
|  | Net income (loss) per basic common share |  | $ | (0.58) |  | $ | 0.37 |
| Diluted earnings per share: |  |  |  |  |  |  |
|  | Net income (loss) |  |  | (78) |  |  | 69 |
|  | Less: undistributed earnings allocated to participating securities |  |  | - |  |  | 2 |
|  | Net income (loss) available to common shareholders |  |  | (78) |  |  | 67 |
|  | Basic weighted average shares (1) |  |  | 135,814,835 |  |  | 181,735,876 |
|  | Effect of common stock equivalents: |  |  |  |  |  |  |
|  | Stock options |  |  | - |  |  | 1,000,539 |
|  | Diluted weighted average shares |  |  | 135,814,835 |  |  | 182,736,415 |
|  | Net income (loss) per diluted common share |  | $ | (0.58) |  | $ | 0.37 |
|  | (1) - Includes 712,927 and 678,568 of participating securities that met the service condition and were eligible to receive nonforfeitable dividends or dividend equivalents for the |
|  | three months ended March 31, 2016 and 2015, respectively. |

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