Earnings Per Share

9 Months Ended

Sep. 30, 2020

EARNINGS PER SHARE

The following tables set forth the computation of basic and diluted earnings per share using the two-class method (in thousands, except share and per share amounts):


Basic earnings (loss) per share:	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Net income (loss)	$	(6,654)	$	41,254	$	24,437	$	132,623
Allocation of net income (loss) to common stockholders:
Common stock	$	(6,654)	$	41,055	$	24,331	$	131,988
Unvested participating shares	—		199		106		635
	$	(6,654)	$	41,254	$	24,437	$	132,623

Weighted average common shares outstanding:
Common stock	60,196,795		57,935,118		59,253,044		57,820,596
Unvested participating shares	249,567		280,711		258,265		277,750
Earnings (loss) per common share:
Common stock	$	(0.11)	$	0.71	$	0.41	$	2.28


Diluted earnings (loss) per share:	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Earnings (loss) allocated to common stock	$	(6,654)	$	41,055	$	24,331	$	131,988
Earnings allocated to unvested participating shares	—		199		106		635
Adjusted earnings allocated to unvested participating shares	—		(195)		(105)		(622)
Earnings (loss) allocated to common stock	$	(6,654)	$	41,059	$	24,332	$	132,001

Weighted average common shares outstanding:
Common stock	60,196,795		57,935,118		59,253,044		57,820,596
Effect of dilutive securities	—		1,197,571		748,686		1,121,016
	60,196,795		59,132,689		60,001,730		58,941,612
Earnings (loss) per common share:
Common stock	$	(0.11)	$	0.69	$	0.41	$	2.24

Options outstanding to purchase 2.8 million and 37,250 shares of common stock were excluded from diluted earnings per share for the three months ended September 30, 2020 and 2019, respectively, and 1.0 million and 0.5 million shares of common stock were excluded for the nine months ended September 30, 2020 and 2019, respectively, since their effect was anti-dilutive. These options may become dilutive in the future.