Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share

v3.19.2
Net Income (Loss) Per Share
6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share NET INCOME (LOSS) PER SHARE
Basic net income (loss) per share is presented in conformity with the two-class method required for participating securities. Participating securities include restricted stock units ("RSUs").
Under the two-class method, net income is reduced for distributed and undistributed dividends earned in the current period. The remaining earnings are then allocated to Common Stock and the participating securities. The Company calculates the effects of participating securities on diluted earnings per share ("EPS") using both the “if-converted or treasury stock” and "two-class" methods and discloses the method which results in a more dilutive effect. The effects of Common Stock options, warrants, stock appreciation rights and convertible notes on diluted EPS are calculated using the treasury stock method unless the effects are anti-dilutive to EPS.
For the 2036 Convertible Senior Notes, the Company’s current intent is to settle conversions using cash for the principal amount of convertible senior notes converted, with the remaining value satisfied at the Company’s option in cash, stock or a combination of cash and stock. Therefore, the dilutive effect of the convertible senior notes is limited to the conversion premium.
The following potentially dilutive weighted average securities were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders during the periods presented, as the effect was anti-dilutive:
   
Three Months 
 Ended 
 June 30, 
 2019
 
Three Months 
 Ended 
 June 30, 
 2018
 
Six Months 
 Ended 
 June 30, 
 2019
 
Six Months 
 Ended 
 June 30, 
 2018
Stock appreciation rights
978,522

 
347

 
1,003,102

 
240,303

2019 Convertible Senior Notes

 
4,358,629

 

 
5,178,146

2036 Convertible Senior Notes
8,937,353

 
10,087,669

 
8,937,353

 
11,574,051

Total
9,915,875

 
14,446,645

 
9,940,455

 
16,992,500


The following table presents the calculation of diluted net income (loss) per share attributable to common stockholders:
   
Three Months 
 Ended 
 June 30, 
 2019
 
Three Months 
 Ended 
 June 30, 
 2018
 
Six Months 
 Ended 
 June 30, 
 2019
 
Six Months 
 Ended 
 June 30, 
 2018
Net income (loss) from continuing operations attributable to the Company’s common stockholders - Basic
$
(57,635
)
 
$
28,277

 
$
(99,022
)
 
$
240,662

Plus (less): effect of participating securities

 
765

 

 
6,222

Net income (loss) attributable to common stockholders
(57,635
)
 
29,042

 
(99,022
)
 
246,884

Less: effect of participating securities

 
(765
)
 

 
(6,222
)
Net income (loss) from continuing operations attributable to the Company's common stockholders - Diluted
$
(57,635
)
 
$
28,277

 
$
(99,022
)
 
$
240,662

 
 
 
 
 
 
 
 
Net income (loss) from discontinued operations attributable to the Company’s common stockholders - Basic
$
(4,462
)
 
$
4,681

 
$
(6,479
)
 
$
1,319

Plus (less): effect of participating securities

 
127

 

 
34

Net income (loss) attributable to common stockholders
(4,462
)
 
4,808

 
(6,479
)
 
1,353

Less: effect of participating securities

 
(127
)
 

 
(34
)
Net income (loss) from discontinued operations attributable to the Company's common stockholders - Diluted
$
(4,462
)
 
$
4,681

 
$
(6,479
)
 
$
1,319

 
 
 
 
 
 
 
 
Net income (loss) attributable to the Company's common stockholders - Basic
$
(62,097
)
 
$
32,955

 
$
(105,501
)
 
$
241,980

Plus (less): effect of participating securities

 
895

 

 
6,256

Net income (loss) attributable to common stockholders
(62,097
)
 
33,850

 
(105,501
)
 
248,236

Less: effect of participating securities

 
(895
)
 

 
(6,256
)
Net income (loss) attributable to the Company's common stockholders - Diluted
$
(62,097
)
 
$
32,955

 
$
(105,501
)
 
$
241,980

 
 
 
 
 
 
 
 
Shares:

 
 
 

 

Weighted-average shares used to compute basic net income (loss) per share
37,851,735

 
37,413,387

 
37,603,921

 
38,112,531

Adjustment to reflect conversion of convertible notes

 
4,334,967

 

 
2,377,998

Adjustment to reflect stock appreciation right conversions

 
332,987

 

 
222,585

Weighted-average shares used to compute diluted net income (loss) per share
37,851,735

 
42,081,341

 
37,603,921

 
40,713,114

 
 
 
 
 
 
 
 
Net income (loss) per share attributable to common stockholders - Diluted

 
 
 

 

Continuing operations
$
(1.52
)
 
$
0.67

 
$
(2.63
)
 
$
5.91

Discontinued operations
$
(0.12
)
 
$
0.11

 
$
(0.17
)
 
$
0.03

Diluted net income (loss)
$
(1.64
)
 
$
0.78

 
$
(2.81
)
 
$
5.94