Earnings Per Common Share and Equity
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Common Share and Equity
Earnings Per Common Share and Equity
Basic and diluted loss per common share from continuing operations, basic and diluted loss per common share from discontinued operations and net loss per basic and diluted common share have been computed using the weighted average number of shares of common stock outstanding during the period.
For the three and nine months ended September 30, 2016 and 2015, no shares of common stock underlying stock options, restricted stock, or warrants were included in the computation of diluted earnings per common share ("EPS") from continuing operations because the inclusion of such shares would be anti-dilutive based on the net losses from continuing operations reported for those periods. Accordingly, for the nine month periods ended September 30, 2016 and 2015, no shares of common stock underlying stock options, restricted stock, or warrants were included in the computations of diluted EPS from income from discontinued operations or diluted EPS from net loss per common share, because such shares were excluded from the computation of diluted EPS from continuing operations for those periods.
The following table presents the calculation of basic and diluted net loss per common share:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2016
 
2015
 
2016
 
2015
Numerator:
 
 
 
 
 
 
 
Loss from continuing operations
$
(38,396
)
 
$
(128,113
)
 
(106,305
)
 
(160,755
)
Loss from discontinued operations
—

 
350

 
(1,235
)
 
(818
)
Net loss attributable to common shareholders
$
(38,396
)
 
$
(127,763
)
 
$
(107,540
)
 
$
(161,573
)
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average shares—basic
129,669

 
27,807

 
75,291

 
27,634

Common stock equivalents
—

 
—

 
—

 
—

Weighted average shares—diluted
129,669

 
27,807

 
75,291

 
27,634

 
 
 
 
 
 
 
 
Net loss per common share attributable to common shareholders:
 
 
 
 
 
 
 
Basic and diluted loss from continuing operations
$
(0.30
)
 
$
(4.61
)
 
$
(1.41
)
 
$
(5.82
)
Basic and diluted loss from discontinued operations
—

 
0.01

 
(0.02
)
 
(0.03
)
Net loss per basic and diluted common share
$
(0.30
)
 
$
(4.60
)
 
$
(1.43
)
 
$
(5.85
)
 
 
 
 
 
 
 
 
Anti-dilutive stock-based awards excluded
388

 
800

 
388

 
770


Equity Transactions Related to Restructuring
In connection with our debt restructuring, which is discussed in further detail in Note 8, at the May 20, 2016 Special Meeting of Shareholders, our shareholders approved an amendment to our Amended and Restated Certificate of Incorporation, as amended, to increase the number of authorized shares of our common stock, par value $0.001 per share, from 50 million to 350 million. The increase in our authorized shares of common stock provides us with sufficient common share capacity to issue shares of common stock in connection with our debt restructuring transactions. See the "Exchange Offer" discussion in Note 8 for the details on debt exchanged for common stock and the number of shares issued during the three months ended June 30, 2016.
Rights Offering
The planned equity rights offering (the "Rights Offering"), in which all holders of our common stock will be granted the right to participate, has been postponed indefinitely due to ongoing discussions with our debtholders regarding strategic alternatives to improve our long-term capital structure. If executed, each shareholder who participates in the Rights Offering will have the right to subscribe for a pro-rata share of $5.0 million of common stock exercisable at a 20% discount to the Conversion Price (or $0.256). Mark D. Johnsrud, our Chairman of the Board and Chief Executive Officer, has agreed to backstop the Rights Offering by committing to purchase rights that are not exercised by other shareholders in order to ensure that the Company receives the additional liquidity, in exchange for a backstop fee of 5% payable in the form of additional common stock issued at $0.32 per share. On April 15, 2016, the Company and Mr. Johnsrud entered into an Escrow Agreement, pursuant to which Mr. Johnsrud deposited $5.0 million into an escrow account for the purpose of securing Mr. Johnsrud’s backstop obligations under the Rights Offering.

On July 29, 2016, the Company and Mr. Johnsrud entered into an amendment to the Escrow Agreement, pursuant to which the Company and Mr. Johnsrud agreed to an irrevocable early release of the $5.0 million in escrow securing the backstop obligation, which was used to pay down the ABL Facility. In exchange for the release of the $5.0 million, we deposited into an escrow account 20,312,500 shares of our common stock, which represents 19.5 million shares underlying the subscription rights to be distributed in the Rights Offering and the 0.8 million shares to be provided to Mr. Johnsrud for the backstop fee. The shares in the escrow account will be released to Mr. Johnsrud upon the consummation of the Rights Offering or the occurrence of other specified events, including failure to consummate the Rights Offering by November 15, 2016. The 20,312,500 shares in escrow will be deemed voted for and against any matters submitted to our shareholders in the same proportion as the vote of the common stock of the Company on any such matter.