EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Basic and Diluted Earnings (Loss) Per Share

The following table presents the Company’s basic earnings (loss) per share and shares outstanding (in thousands, except per share data):


	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income (loss) (1)	$	139,898	$	(8,076)	$	(75,920)
Denominator:
Weighted average number of common shares outstanding	179,855		180,971		156,280
Earnings (loss) per Common Share:
Earnings (loss) per common share, basic	$	0.78	$	(0.04)	$	(0.49)

(1) Net income (loss) for the year ended December 31, 2021 includes the impact of the Company’s release of its valuation allowance. See Note 6, Income Taxes, for further discussion.

The following table presents the Company’s diluted earnings (loss) per share and shares outstanding (in thousands, except per share data):


	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income (loss) (1)	$	139,898	$	(8,076)	$	(75,920)
Denominator:
Weighted average number of common shares outstanding	179,855		180,971		156,280
Effect of dilutive securities	1,350		—		—
Weighted average number of common shares outstanding, diluted	181,205		180,971		156,280
Earnings (loss) per Common Share:
Earnings (loss) per common share, diluted	$	0.77	$	(0.04)	$	(0.49)

(1) Net income (loss) for the year ended December 31, 2021 includes the impact of the Company’s release of its valuation allowance. See Note 6, Income Taxes, for further discussion.