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Earnings (Loss) Per Share
9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share

11. Earnings (Loss) Per Share

For the three and nine months ended September 30, 2020, the computation of diluted earnings per share excluded potentially dilutive shares of approximately 6 million in both periods due to the Company recognizing a net loss, compared to 5 million and 4 million, respectively, for the corresponding periods of 2019 due to their antidilutive effect.

 


13

Basic and diluted earnings (loss) per share are as follows (in millions, except share data)

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to the Company

$

(22

)

 

$

10

 

 

$

(383

)

 

$

42

 

Less: net income attributable to participating securities

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to the Company's stockholders

$

(22

)

 

$

10

 

 

$

(383

)

 

$

42

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic common shares outstanding

 

109,379,627

 

 

 

108,796,947

 

 

 

109,323,228

 

 

 

108,702,139

 

Effect of dilutive securities

 

 

 

 

337,384

 

 

 

 

 

 

467,610

 

Weighted average diluted common shares outstanding

 

109,379,627

 

 

 

109,134,331

 

 

 

109,323,228

 

 

 

109,169,749

 

Earnings (loss) per share attributable to the Company's stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.20

)

 

$

0.09

 

 

$

(3.50

)

 

$

0.38

 

Diluted

$

(0.20

)

 

$

0.09

 

 

$

(3.50

)

 

$

0.38

 

Under ASC Topic 260, “Earnings Per Share”, the two-class method requires a portion of net income attributable to the Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net loss is not allocated to unvested awards in periods the Company determines that those shares are not obligated to participate in losses. For the periods that the Company recognized net income, net income attributable to the Company allocated to these participating securities was excluded from net income attributable to the Company’s stockholders in the numerator of the earnings per share computation. Net income attributable to the Company allocated to these participating securities was less than $1 million for the three and nine months ended September 30, 2019.