14. EARNINGS PER SHARE

On September 9, 2016, upon emergence from chapter 11 bankruptcy, the Predecessor Company’s 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
					Period from		Period from
					September 10, 2016		January 1, 2016
	Years Ended December 31,				through		through
	2018		2017		December 31, 2016		September 9, 2016
Basic:
Net income (loss) available to common stockholders	$	45,959	$	487,679	$	(479,984)	$	(32,794)
Weighted average basic number of common shares outstanding		157,011		132,763		91,228		120,513
Basic net income (loss) per common share	$	0.29	$	3.67	$	(5.26)	$	(0.27)

Diluted:
Net income (loss) available to common stockholders	$	45,959	$	487,679	$	(479,984)	$	(32,794)
Weighted average basic number of common shares outstanding		157,011		132,763		91,228		120,513
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
Exercise of warrants		Anti-dilutive		Anti-dilutive		Anti-dilutive		—
Vesting of restricted shares		284		813		Anti-dilutive		Anti-dilutive
Vesting of performance units		—		—		—		—
Conversion of preferred stock		—		Anti-dilutive		—		—
Conversion of Convertible Note		—		—		—		Anti-dilutive
Conversion of Series A Preferred Stock		—		—		—		Anti-dilutive
Weighted average diluted number of common shares outstanding		157,295		133,576		91,228		120,513
Diluted net income (loss) per common share	$	0.29	$	3.65	$	(5.26)	$	(0.27)

Common stock equivalents, including stock options, restricted shares and warrants totaling 13.1 million shares for the year ended December 31, 2018 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, restricted shares, warrants, and preferred stock totaling 17.1 million shares for the year ended December 31, 2017 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, restricted shares and warrants totaling 11.2 million shares for the period from September 10, 2016 through December 31, 2016 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 loss. Common stock equivalents, including stock options, restricted shares, warrants, convertible debt and preferred stock totaling 43.6 million shares for the period from January 1, 2016 through September 9, 2016 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 loss.