Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings (Loss) per Share

Earnings (Loss) per Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share:

	Three Months Ended March 31,
	2020		2019
	(in thousands, except per share amounts)
Numerator
Net income (loss)	$	(27,828)	$	56,076
Denominator
Weighted-average shares outstanding, basic	68,521		68,380
Effect of dilutive stock awards	—		136
Adjusted weighted-average shares outstanding, diluted	68,521		68,516
Earnings (loss) per share
Basic earnings (loss) per common share (1)	$	(0.41)	$	0.82
Diluted earnings (loss) per common share (1)	$	(0.41)	$	0.82
Anti-dilutive weighted-average shares	482		159

1) During the three months ended March 31, 2020, the Company recorded a non-recurring federal income tax benefit of $31.1 million ($0.45 and $0.45 per basic and diluted share, respectively) due to the passage of the CARES Act in the first quarter of 2020.