Earnings Per Share

3 Months Ended

Mar. 31, 2020

Basic earnings per share ("EPS") is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if securities or other instruments that are convertible into common stock were exercised or could result in the issuance of common stock. Potentially dilutive common stock equivalents include unvested restricted stock and restricted stock units.

The following table summarizes the computation of basic and diluted earnings (loss) per share amounts presented in the condensed consolidated statements of operations:



	Three Months Ended March 31,
	2020		2019
Income attributable to common shareholders:
Net income (loss)	$	369,515	$	(42,595	)
Weighted average shares outstanding - basic	184,186		186,747
Effect of dilutive securities - Unvested restricted stock and restricted stock units	336		—
Weighted average shares outstanding - diluted	184,522		186,747
Basic earnings (loss) per common share:
Net income (loss) per share attributable to common shareholders	$	2.01	$	(0.23	)
Diluted earnings (loss) per common share:
Net income (loss) per share attributable to common shareholders	$	2.00	$	(0.23	)

The calculation of diluted weighted average shares for the three months ended March 31, 2020 excludes 6.9 million of non-performance-based restricted shares and restricted stock units, as the inclusion of such awards would have been anti-dilutive for the period. Performance-based equity awards are included in the diluted earnings per share calculation based on the attainment of the applicable performance metrics to date. For the three months ended March 31, 2020, the calculation of diluted weighted average shares excludes 1.8 million of performance-based restricted shares and restricted stock units. During the three months ended March 31, 2019, the Company reported a consolidated net loss. As a result of the net loss, unvested restricted stock and restricted stock units were antidilutive for the period and were not included in the computation of diluted weighted average shares. The weighted average restricted stock and restricted stock units excluded from the calculations of diluted net loss per share was 7.2 million for the three months ended March 31, 2019.