12. EARNINGS PER COMMON SHARE

On September 9, 2016, upon emergence from chapter 11 bankruptcy, the Company's Predecessor equity was cancelled and new equity was issued. Refer to Note 2, "Reorganization," for further details.

The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts):

	Successor			Predecessor			Successor		Predecessor
	Three Months Ended June 30, 2017			Three Months Ended June 30, 2016			Six Months Ended June 30, 2017		Six Months Ended June 30, 2016
Basic:
Net income (loss) available to common stockholders	$	(27,029	)	$	(382,353	)	$	161,522	$	(949,215	)


Weighted average basic number of common shares outstanding		143,545			120,708			117,554		120,360

Basic net income (loss) per share of common stock	$	(0.19	)	$	(3.17	)	$	1.37	$	(7.89	)


Diluted:
Net income (loss) available to common stockholders	$	(27,029	)	$	(382,353	)	$	161,522	$	(949,215	)


Weighted average basic number of common shares outstanding		143,545			120,708			117,554		120,360
Common stock equivalent shares representing shares issuable upon:
Exercise of stock options		Anti-dilutive			Anti-dilutive			Anti-dilutive		Anti-dilutive
Exercise of February 2012 Warrants		—			Anti-dilutive			—		Anti-dilutive
Exercise of warrants		Anti-dilutive			—			Anti-dilutive		—
Vesting of restricted shares		Anti-dilutive			Anti-dilutive			655		Anti-dilutive
Vesting of performance units		—			—			—		—
Conversion of preferred stock		Anti-dilutive			—			Anti-dilutive		—
Conversion of Convertible Note		—			Anti-dilutive			—		Anti-dilutive
Conversion of Series A Preferred Stock		—			Anti-dilutive			—		Anti-dilutive

Weighted average diluted number of common shares outstanding		143,545			120,708			118,209		120,360

Diluted net income (loss) per share of common stock	$	(0.19	)	$	(3.17	)	$	1.37	$	(7.89	)

Common stock equivalents, including stock options, restricted shares, warrants, and preferred stock totaling 18.1 million and 14.8 million shares for the three and six months ended June 30, 2017 (Successor), respectively, were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive.

Common stock equivalents, including stock options, warrants, restricted shares, convertible debt and preferred stock totaling 44.6 million and 45.2 million shares for the three and six months ended June 30, 2016 (Predecessor), respectively, were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive due to the net losses.