Earnings Per Share

12 Months Ended

Dec. 31, 2021

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. 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, the Warrant, and the Notes. Refer to Note 4 for information on the Warrant. Refer to Note 9 for information on the issuance of the Notes on October 1, 2021.

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


	Years Ended December 31,
(in thousands, except for per share amounts)	2021		2020		2019
Income attributable to common stockholders:
Net income (loss)	$	(99,290)	$	82,019	$	(267,931)

Weighted average shares outstanding - basic	184,975		183,498		185,907
Effect of dilutive securities	—		888		—
Weighted average shares outstanding - diluted	184,975		184,386		185,907

Net income (loss) per share attributable to common stockholders - basic	$	(0.54)	$	0.45	$	(1.44)
Net income (loss) per share attributable to common stockholders - diluted	$	(0.54)	$	0.44	$	(1.44)

For the purposes of computing diluted EPS, weighted average shares outstanding do not include potentially dilutive securities that are anti-dilutive under the treasury stock method or if-converted method, and performance-based equity awards are included based on the attainment of the applicable performance metrics as of the end of the reporting period. The following potentially outstanding shares of common stock were excluded from the computation of diluted net income (loss) per share attributable to common stockholders because including them would have been antidilutive.


	As of December 31,
(in millions)	2021(1)	2020	2019(1)
Non-performance-based restricted stock and restricted stock units	4.7	6.8	6.4
Performance-based restricted stock and restricted stock units	0.3	1.6	1.1
Warrant	16.3	—	—
Notes	38.3	—	—
Total	59.6	8.4	7.5

(1) As a result of the net loss reported for the period, all unvested restricted stock, restricted stock units, and potential shares issuable under the Warrant and the Notes were antidilutive for the period and as such were not included in the computation of diluted weighted average shares outstanding.

As of December 31, 2021, the maximum number of shares issuable upon conversion of the Notes is 38.3 million (after giving effect to additional shares that would be issuable upon conversion in connection with the occurrence of certain corporate or other events).