Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
	2020			2019			2020		2019
Income attributable to common shareholders:
Net income (loss)	$	(118,401	)	$	(55,470	)	$	251,114	$	(98,065	)

Weighted average shares outstanding - basic	183,178			186,140			183,682		186,442
Effect of dilutive securities - Unvested restricted stock and restricted stock units	—			—			180		—
Weighted average shares outstanding - diluted	183,178			186,140			183,862		186,442

Basic earnings (loss) per common share:
Net income (loss) per share attributable to common shareholders	$	(0.65	)	$	(0.30	)	$	1.37	$	(0.53	)

Diluted earnings (loss) per common share:
Net income (loss) per share attributable to common shareholders	$	(0.65	)	$	(0.30	)	$	1.37	$	(0.53	)

For the three months ended June 30, 2020, 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 calculation of diluted net loss per share was 9.1 million for the three months ended June 30, 2020. For the six months ended June 30, 2020, the calculation

of diluted weighted average shares excludes 7.1 million of non-performance-based restricted stock and restricted stock units, as the inclusion of such award would have been antidilutive. 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 six months ended June 30, 2020, the calculation of diluted weighted average shares excludes 1.8 million of performance-based restricted stock and restricted stock units. During the three and six months ended June 30, 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 periods and were not included in the computation of diluted weighted average shares. The weighted average restricted stock and restricted stock units excluded from the calculation of diluted net loss per share was 7.8 million and 7.5 million for the three and six months ended June 30, 2019, respectively.