Earnings Per Share

9 Months Ended

Sep. 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, restricted stock units, and warrants.

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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Income attributable to common shareholders:
Net income (loss)	$	(124,975)	$	(78,458)	$	126,139	$	(176,523)

Weighted average shares outstanding - basic	183,244		185,516		183,535		186,130
Effect of dilutive securities - Unvested restricted stock and restricted stock units	—		—		133		—
Weighted average shares outstanding - diluted	183,244		185,516		183,668		186,130

Basic earnings (loss) per common share:
Net income (loss) per share attributable to common shareholders	$	(0.68)	$	(0.42)	$	0.69	$	(0.95)

Diluted earnings (loss) per common share:
Net income (loss) per share attributable to common shareholders	$	(0.68)	$	(0.42)	$	0.69	$	(0.95)

For the three months ended September 30, 2020, the Company reported a consolidated net loss. As a result of the net loss, unvested restricted stock, restricted stock units, and potential shares issuable under a warrant were antidilutive for the period and were not included in the computation of diluted weighted average shares. The weighted average unvested restricted stock and restricted stock units excluded from the calculation of diluted net loss per share was 9.0 million for the three months ended September 30, 2020. For the three months ended September 30, 2020, 16.3 million potential shares issuable under a warrant were excluded from the calculation of diluted net loss per share.

For the nine months ended September 30, 2020, the calculation of diluted weighted average shares excludes 6.9 million of non-performance-based unvested restricted stock and restricted stock units and 16.3 million potential shares issuable under a warrant as the inclusion of such shares 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 nine months ended September 30, 2020, the calculation of diluted weighted average shares excludes 1.8 million of unvested performance-based restricted stock and restricted stock units.

During the three and nine months ended September 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 unvested restricted stock and restricted stock units excluded from the calculation of diluted net loss per share was 7.6 million for both the three and nine months ended September 30, 2019.