Earnings Per Share

9 Months Ended

Sep. 30, 2022

12. Earnings Per Share

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,
(in thousands, except for per share amounts)	2022		2021		2022		2021
Income attributable to common stockholders:
Net income (loss)	$	(28,359)	$	174,282	$	(212,790)	$	(17,588)

Weighted average shares outstanding - basic	186,790		185,317		186,493		184,841
Effect of dilutive securities:
Warrants	—		9,451		—		—
Restricted stock and restricted stock units	—		1,462		—		—
Weighted average shares outstanding - diluted	186,790		196,230		186,493		184,841

Net income (loss) per share attributable to common stockholders - basic	$	(0.15)	$	0.94	$	(1.14)	$	(0.10)
Net income (loss) per share attributable to common stockholders - diluted	$	(0.15)	$	0.89	$	(1.14)	$	(0.10)

For the purposes of computing diluted earnings per share, 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 Company has the following potentially outstanding shares of common stock, which were excluded from the computation of diluted net income (loss) per share attributable to common stockholders in periods in which including them would have been antidilutive.


	As of September 30,
(in millions)		2022	2021


Restricted stock and restricted stock units		5.4	5.2
Warrants		16.3	16.3
Convertible senior notes		38.3	—

Total		60.0	21.5

On July 26, 2020, the Company issued to Ventas, Inc. ("Ventas") a warrant (the "Warrant") to purchase 16.3 million shares of the Company’s common stock, $0.01 par value per share, at a price per share of $3.00. The Warrant is exercisable at Ventas' option at any time and from time to time, in whole or in part, until December 31, 2025. The exercise price and the number of shares issuable on exercise of the Warrant are subject to certain anti-dilution adjustments, including for cash dividends, stock dividends, stock splits, reclassifications, non-cash distributions, certain repurchases of common stock, and business combination transactions.

As of September 30, 2022, the maximum number of shares issuable upon conversion of convertible senior 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).