Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2020

Basic earnings (loss) per share, which excludes dilution, is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three months ended March 31, 2020, there were 141,665 potentially dilutive shares that were excluded from the computation of diluted weighted average common stock shares outstanding because their effect would have been antidilutive given the Company's net loss. The following table shows the computation of basic and diluted earnings (loss) per share:



	Three Months Ended March 31,
	2020			2019
	(in thousands, except for per share data)
Numerator:
Net Income (Loss)	$	(144,372	)	$	36,358
Denominator:
Weighted average common stock shares outstanding - Basic	45,967			48,392
Assumed exercise of stock options and awards	—			37
Weighted average common stock shares outstanding - Diluted	45,967			48,429
Net Income (Loss) Per Share
Basic	$	(3.14	)	$	0.75
Diluted	$	(3.14	)	$	0.75

Stock Repurchase Program

In November 2018, the Company's Board of Directors approved the repurchase of up to $100 million of its outstanding common stock over a two-year period through December 2020. On March 18, 2020, the Company announced the suspension of its stock repurchase program and pursuant to its participation in and receipt of financial assistance under the CARES Act, it is restricted from making any stock repurchases through at least September 30, 2021. Accordingly, the Company will not be making any further repurchases under its current stock repurchase program.

The Company spent $7.5 million and $11.1 million to repurchase and retire approximately 260 thousand shares and 404 thousand shares of the Company's common stock in open market transactions during the three months ended March 31, 2020 and 2019, respectively.

Dividends

During the three months ended March 31, 2020, the Company declared a cash dividend of $0.12 per share for stockholders of record as of February 14, 2020, which was paid on February 28, 2020, totaling $5.5 million. The Company’s participation in and receipt of financial assistance under the CARES Act restricts the Company from making any dividend payments through at least September 30, 2021.