Earnings per Share

3 Months Ended

Mar. 31, 2020



6.	Earnings per Share

Basic earnings per share is computed by dividing net income attributable to shareholders by the weighted average number of shares of common stock and vested deferred stock units outstanding during the year. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and the assumed issuance of unvested restricted stock units and performance-based awards, for which the performance condition has been met as of the date of determination, using the treasury stock method unless the effect is anti-dilutive. The treasury stock method assumes that proceeds, including cash received from the exercise of employee stock options and the average unrecognized compensation expense for unvested share-based compensation awards, would be used to purchase the Company’s common stock at the average market price during the period.

The following table summarizes net (loss) income attributable to shareholders and reconciles basic and diluted shares outstanding used in the earnings per share computations:



	Three Months Ended March 31,
(In thousands)	2020			2019
Net (loss) income attributable to shareholders	$	(16,256	)	$	16,134

Weighted average common shares outstanding – Basic	43,416			43,220
Dilutive impact of share-based compensation awards¹	—			352
Weighted average common shares outstanding – Diluted	43,416			43,572

¹ Due to the Company’s net loss position for the three months ended March 31, 2020, no incremental shares are included, as the effect would be anti-dilutive. For the three months ended March 31, 2019, an immaterial number of outstanding share-based compensation awards were excluded from the computation of diluted earnings per share, as the effect of including these awards would be anti-dilutive.