Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Note 16: Earnings (Loss) Per Share

The following table presents the calculation of our basic and diluted earnings (loss) per share (“EPS”). The weighted average shares outstanding used to compute basic EPS and diluted EPS for the three months ended June 30, 2021 was 85,650,144 and 86,838,601, respectively, and 85,002,791 for the three months ended June 30, 2020. The weighted average shares outstanding used to compute basic EPS and diluted EPS for the six months ended June 30, 2021 were 85,479,870 and 86,539,505, respectively, and 85,258,963 for the six months ended June 30, 2020.

	Three Months Ended June 30,					Six Months Ended June 30,
($ and shares outstanding in millions, except per share amounts)	2021		2020			2021		2020
Basic EPS:
Numerator:
Net income (loss)(1)	$	9	$	(48	)	$	2	$	(40	)
Denominator:
Weighted average shares outstanding		86		85			85		85
Basic EPS	$	0.10	$	(0.56	)	$	0.02	$	(0.47	)
Diluted EPS:
Numerator:
Net income (loss)(1)	$	9	$	(48	)	$	2	$	(40	)
Denominator:
Weighted average shares outstanding		87		85			87		85
Diluted EPS	$	0.10	$	(0.56	)	$	0.02	$	(0.47	)

(1) Net income (loss) for the three months ended June 30, 2021 and 2020 was $8,700,776 and $(47,751,330), respectively, and $1,929,361 and $(39,924,584) for the six months ended June 30, 2021 and 2020, respectively.

The dilutive effect of outstanding share-based compensation awards is reflected in diluted earnings per common share by application of the treasury stock method using average market prices during the period. Potentially dilutive shares of 175,635 and 357,912, for the three and six months ended June 30, 2020, respectively, were excluded from the calculation of diluted weighted average shares outstanding and diluted earnings per share as a result of our net loss position.

For the three and six months ended June 30, 2021, we excluded 788,168 and 568,891, respectively, and 3,027,069 and 2,429,811 for the three and six months ended June 30, 2020, respectively, of share-based compensation awards, because their effect would have been anti-dilutive under the treasury stock method.