Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2020, there were 164,253 and 137,051 potentially dilutive shares, respectively, 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands, except for per share data)
Numerator:
Net Income (Loss)	$	(97,099)	$	80,076	$	(348,375)	$	174,267
Denominator:
Weighted average common stock shares outstanding - Basic	46,001		47,119		45,980		47,784
Assumed exercise of stock options and awards	—		117		—		63


Weighted average common stock shares outstanding - Diluted	46,001		47,236		45,980		47,847
Net Income (Loss) Per Share
Basic	$	(2.11)	$	1.70	$	(7.58)	$	3.65
Diluted	$	(2.11)	$	1.70	$	(7.58)	$	3.64

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 receipt of financial assistance under the CARES Act, it is restricted from making any stock repurchases until one year following repayment of all outstanding loans under the ERP. Accordingly, the Company will not be making any further repurchases under its current stock repurchase program.

During the three months ended September 30, 2019, the Company spent $20.0 million to repurchase and retire approximately 0.8 million shares of the Company's common stock in open market transactions. During the nine months ended September 30, 2020 and 2019, the Company spent $7.5 million and $50.7 million, respectively, to repurchase and retire approximately 260 thousand shares and 1.9 million shares, respectively, of the Company's common stock in open market transactions.

The Company had no stock repurchase activity during the three months ended September 30, 2020.

Dividends

The Company’s receipt of financial assistance under the CARES Act precludes the Company from making any further dividend payments until one year following the Company's repayment of all outstanding loans under the ERP.