Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2021

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


	Year Ended December 31,
	2021		2020		2019
	(in thousands, except per-share amounts)
Numerator:
Net income (loss)	$	(472,569)	$	(428,700)	$	335,255
Denominator:
Weighted-average shares outstanding, basic	105,000		84,692		68,429
Effect of dilutive stock awards	—		—		130
Adjusted weighted-average shares outstanding, diluted	105,000		84,692		68,559
Earnings (Loss) per Share:
Basic earnings (loss) per common share	$	(4.50)	$	(5.06)	$	4.90
Diluted earnings (loss) per common share	$	(4.50)	$	(5.06)	$	4.89

Anti-dilutive common stock equivalents excluded from the diluted earnings (loss) per share calculations are not material.