Net Income per Common Share

3 Months Ended

Mar. 31, 2020

The table below presents basic and diluted net income per share of common stock using the two-class method for the three months ended March 31, 2020 and March 31, 2019 (dollars, other than shares and per share amounts, in thousands):


	For the three months ended March 31, 2020		For the three months ended March 31, 2019
Numerator:
Net income (loss) attributable to common stockholders and participating securities for basic and diluted earnings per share	$	(381,857)	$	27,876
Less:
Dividends and undistributed earnings allocated to participating securities	—		70
Net income (loss) allocable to common stockholders — basic and diluted	$	(381,857)	$	27,806

Denominator:
Weighted average common shares outstanding for basic earnings per share	53,402,623		48,116,379
Weighted average common shares outstanding for diluted earnings per share	53,402,623		48,116,379
Basic earnings (loss) per common share	$	(7.15)	$	0.58
Diluted earnings (loss) per common share	$	(7.15)	$	0.58

For the three months ended March 31, 2020 and March 31, 2019, the Company excluded the effects of the convertible senior unsecured notes from the computation of diluted earnings per share since the average market value per share of the Company’s common stock was below the exercise price of the convertible senior unsecured notes. For the three months ended March 31, 2019, the Company excluded the effects of the warrants from the computation of diluted earnings per share since the average market value per share of the Company’s common stock was below the exercise price of the warrants.