NOTE 15—EARNINGS (LOSS) PER SHARE

Basic net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding. Diluted earnings per share includes the effects of unvested RSU’s with a service condition only and unvested contingently issuable RSUs and PSUs that have service and performance conditions, if dilutive, as well as potential dilutive shares from the conversion feature of the Convertible Notes due 2024, if dilutive.

The following table sets forth the computation of basic and diluted earnings (loss) per common share:


	Three Months Ended				Nine Months Ended
(In millions)	September 30, 2018		September 30, 2017		September 30, 2018		September 30, 2017
Numerator:
Net loss	$	(100.4)	$	(42.7)	$	(60.5)	$	(210.8)
Denominator (shares in thousands):
Weighted average shares for basic earnings (loss) per common share		123,126		131,077		126,386		127,902
Common equivalent shares for RSUs and PSUs		—		—		—		—
Shares for diluted loss per common share		123,126		131,077		126,386		127,902
Basic loss per common share	$	(0.82)	$	(0.33)	$	(0.48)	$	(1.65)
Diluted loss per common share	$	(0.82)	$	(0.33)	$	(0.48)	$	(1.65)

Vested RSUs and PSU’s have dividend rights identical to the Company’s Class A and Class B common stock and are treated as outstanding shares for purposes of computing basic and diluted earnings per share. Certain unvested RSUs and unvested PSUs are subject to performance conditions and are included in diluted earnings per share, if dilutive, based on the number of shares, if any, that would be issuable under the terms of the Company’s 2013 Equity Incentive Plan if the end of the reporting period were the end of the contingency period. During the nine months ended September 30, 2018, unvested PSU’s of 411,657 at the minimum performance target were not included in the computation of diluted earnings (loss) per share since the shares would not be issuable under the terms of the Plan, if the end of the reporting period were the end of the contingency period and they would also be anti-dilutive. During the nine months ended September 30, 2018, unvested RSU’s of 902,004 were not included in the computation of diluted earnings (loss) per share because they would be anti-dilutive.

The Company uses the if-converted method for calculating any potential dilutive effect of the Convertible Notes due 2024. The Company has not adjusted net loss for the three and nine months ended September 30, 2018 to eliminate the interest expense or the charge for the derivative liability related to the Convertible Notes due 2024 of $1.5 million and $54.1 million, respectively. The Company has not included in diluted weighted average shares approximately 5.9 million shares and 2.0 million shares upon conversion for the three and nine months ended September 30, 2018, respectively, as the effects would be anti-dilutive. Based on the current conversion price of $18.95 per share the Convertible Notes due 2024 are convertible into 31,662,269 Class A common shares.