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Net income (loss) per common share
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Net income (loss) per common share Net income (loss) per common share
Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards, non-vested performance share awards and the non-vested outperformance share award. See Note 8 for additional discussion of these awards. For the three months ended March 31, 2020, the dilutive effects of these awards were calculated utilizing the treasury stock method. For the three months ended March 31, 2019, all of these awards were anti-dilutive due to the Company's net loss and, therefore, were excluded from the calculation of diluted net income (loss) per common share.
The following table reflects the calculations of basic and diluted (i) weighted-average common shares outstanding and (ii) net income (loss) per common share for the periods presented:
 
 
Three months ended March 31,
(in thousands, except for per share data)
 
2020
 
2019
Net income (loss) (numerator)
 
$
235,095

 
$
(9,491
)
Weighted-average common shares outstanding (denominator):
 
 
 
 
Basic
 
232,351


230,476

Dilutive non-vested restricted stock awards(1)
 
1,107

 
—

Diluted
 
233,458


230,476

Net income (loss) per common share:
 
 
 
 
Basic
 
$
1.01

 
$
(0.04
)
Diluted
 
$
1.01

 
$
(0.04
)
_____________________________________________________________________________
(1)
The effect of a significant portion of the non-vested restricted stock awards was excluded from the calculation of diluted net income (loss) per common share for the three months ended March 31, 2020. The inclusion of these non-vested restricted stock awards would be anti-dilutive mainly due to the grant-date fair value per common share for the awards being greater than the average closing stock price during the period.
The effect of the outstanding stock option awards was excluded from the calculation of diluted net income (loss) per common share for the three months ended March 31, 2020. The inclusion of these stock option awards would be anti-dilutive as their exercise prices were greater than the average closing stock price during the period.
By assuming March 31, 2020 was the end of the respective performance periods of the non-vested performance share awards and the non-vested outperformance share award, the effects of these awards were excluded from the calculation of diluted net income (loss) per common share for the three months ended March 31, 2020 as the awards were below the respective agreements' payout thresholds, with the exception of the RTSR Performance portion of the 2019 performance share awards and the ROACE-portion of the 2018 and 2019 performance share awards which were ultimately anti-dilutive due to the grant-date fair value per unit being greater than the average closing stock price during the period. See Note 8 for discussion of market and performance criteria of these awards.