Annual report pursuant to Section 13 and 15(d)

Net Income (Loss) Per Share

v3.7.0.1
Net Income (Loss) Per Share
12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share
NET INCOME (LOSS) PER SHARE
Basic net income per common share is presented in conformity with the two-class method required for participating securities. Participating securities include, or have included, Series A Preferred Stock, Series B Preferred Stock and RSU's.
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.
The following potentially dilutive average number of securities were excluded from the calculation of diluted net income per share attributable to common stockholders during the periods presented as the effect was anti-dilutive:
 
Year Ended December 31,
 
2016
 
2015
 
2014
Options to purchase common stock
43,513

 
87,026

 
87,026

Stock appreciation rights
2,422,716

 
2,072,130

 
1,400,824

Warrants to purchase common stock

 

 
17,916

2019 Convertible notes
7,895,675

 
10,838,218

 
6,295,075

2036 Convertible notes
8,209,651

 

 

Total
18,571,555

 
12,997,374

 
7,800,841


The following table presents the calculation of diluted net income per share for the years ended December 31, 2016, 2015 and 2014 (in thousands, except share and per share data):
 
2016
 
2015
 
2014
Net income (loss) attributable to the Company's common stockholders - Basic
$
43,453

 
$
(151,392
)
 
$
81,620

Plus: distributed dividends to Preferred Stockholders

 

 
40

Plus (less): effect of participating securities
874

 

 
(418
)
Net income (loss) attributable to common stockholders
44,327

 
(151,392
)
 
81,242

Less: effect of participating securities
(874
)
 

 

Net income (loss) attributable to the Company's common stockholders - Diluted
$
43,453

 
$
(151,392
)
 
$
81,242

Shares:
 
 
 
 
 
Weighted-average shares outstanding - Basic
40,897,549

 
43,958,803

 
40,740,411

Adjustment to reflect stock appreciation right conversions
5,311

 

 
9,502

Weighted-average shares outstanding - Diluted
40,902,860

 
43,958,803

 
40,749,913


 
 
 
 
 
Net income (loss) per share attributable to common stockholders - Diluted
$
1.06

 
$
(3.44
)
 
$
1.99