Earnings (Loss) Per Share
 6 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Earnings Per Share [Abstract]    
Earnings (Loss) Per Share
Earnings Per Share

Basic earnings per share, excluding dilution, is computed by dividing earnings available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in our earnings.

The following table sets forth the computation of basic and diluted earnings per share of common stock: 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
 
(Dollars in millions, except share data)
 
 
 
 
 
 
 
 
Net income
$
47

 
$
46

 
$
86

 
$
78

Deferred cumulative preferred stock dividends
(8
)
 
(7
)
 
(16
)
 
(15
)
Net income applicable to common stock
$
39

 
$
39

 
$
70

 
$
63

Weighted average shares
 
 
 
 
 
 
 
Weighted average common shares outstanding
56,574,796

 
56,436,026

 
56,544,256

 
56,410,880

Effect of dilutive securities
 
 
 
 
 
 
 
May Investor warrants (1)
349,539

 
299,391

 
327,307

 
266,118

Stock-based awards
826,895

 
429,655

 
751,518

 
294,135

Weighted average diluted common shares
57,751,230

 
57,165,072

 
57,623,081

 
56,971,133

Earnings per common share
 
 
 
 
 
 
 
Basic earnings per common share
$
0.67

 
$
0.69

 
$
1.23

 
$
1.12

Effect of dilutive securities
 
 
 
 
 
 
 
Stock-based awards
(0.01
)
 
(0.01
)
 
(0.02
)
 
(0.01
)
Diluted earnings per share
$
0.66

 
$
0.68

 
$
1.21

 
$
1.11


(1)
Exercise price of $10.00 per share and a fair value of $9 million at June 30, 2016.

Under the terms of the Series C Preferred Stock we may defer dividend payments. We elected to defer dividend payments beginning with the February 2012 dividend. Although not included in quarterly net income from continuing operations, the deferral still impacts net income applicable to common stock for the purpose of calculating earnings per share, as shown above. The cumulative amount in arrears as of June 30, 2016 was $102 million. For further information on the subsequent event related to our redemption of TARP, see Note 21 of the Notes to the Consolidated Financial Statements, herein.
Earnings (Loss) Per Share

Basic earnings (loss) per share, excluding dilution, is computed by dividing earnings (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in the earnings of the Company.
    
The following table sets forth the computation of basic and diluted earnings (loss) per share of common stock.  
 
For the Years Ended December 31,
 
2015
 
2014
 
2013
 
(In millions, except share data)
Net income (loss)
$
158

 
$
(69
)
 
$
267

Less: preferred stock dividend/accretion
—

 
(1
)
 
(6
)
Net income (loss) from continuing operations
158

 
(70
)
 
261

Deferred cumulative preferred stock dividends
(30
)
 
(26
)
 
(14
)
Net income (loss) applicable to Common Stockholders
$
128

 
$
(96
)
 
$
247

Weighted Average Shares
 
 
 
 
 
Weighted average common shares outstanding
56,426,977

 
56,246,528

 
56,063,282

Effect of dilutive securities
 
 
 
 
 
May Investor Warrants (1)
305,484

 
—

 
237,412

Stock-based awards
432,062

 
—

 
217,487

Weighted average diluted common shares
57,164,523

 
56,246,528

 
56,518,181

Earnings (loss) per common share
 
 
 
 
 
Basic earnings (loss) per common share
$
2.27

 
$
(1.72
)
 
$
4.40

Effect of dilutive securities
 
 
 
 
 
May Investor Warrants
(0.01
)
 
—

 
(0.02
)
Stock-based awards
(0.02
)
 
—

 
(0.01
)
Diluted earnings (loss) per common share
$
2.24

 
$
(1.72
)
 
$
4.37


(1)
Includes the May Warrants at an exercise price of $10.00 per share and a fair value of $8 million and $11 million at December 31, 2015 and 2013, respectively.
    
The December 31, 2014 diluted loss per share calculation excludes all common stock equivalents, including 263,267 pertaining to stock based awards and 306,310 pertaining to warrants, respectively. The inclusion of these securities would be anti-dilutive.

Under the terms of the Series C Preferred Stock the Company may defer dividend payments. The Company elected to defer dividend payments beginning with the February 2012 dividend. Although not included in quarterly net income (loss) from continuing operations, the deferral still impacts net income (loss) applicable to common stock for the purpose of calculating earnings per share, as shown above. The cumulative amount in arrears as of December 31, 2015 is $86 million.