Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2020

Note 16: (Loss) Earnings Per Share

The following table presents the calculation of our basic and diluted (loss) earnings per share (“EPS”). The weighted- average shares outstanding used to compute basic EPS and diluted EPS for the three months ended September 30, 2020 was 85,082,124 and for the nine months ended September 30, 2020 was 85,198,910. The weighted-average shares outstanding used to compute basic EPS and diluted EPS for the three months ended September 30, 2019 was 85,704,321 and 86,272,979, respectively, and for the nine months ended September 30, 2019 was 89,863,807 and 90,348,418, respectively.

	Three Months Ended September 30,					Nine Months Ended September 30,
($ and shares outstanding in millions, except per share amounts)	2020			2019		2020			2019
Basic EPS:
Numerator:
Net (loss) income⁽¹⁾	$	(7	)	$	50	$	(47	)	$	144
Denominator:
Weighted average shares outstanding		85			86		85			90
Basic EPS	$	(0.08	)	$	0.59	$	(0.55	)	$	1.61
Diluted EPS:
Numerator:
Net (loss) income⁽¹⁾	$	(7	)	$	50	$	(47	)	$	144
Denominator:
Weighted average shares outstanding		85			86		85			90
Diluted EPS	$	(0.08	)	$	0.59	$	(0.55	)	$	1.60

⁽¹⁾	Net (loss) income for the three months ended September 30, 2020 and 2019 was $(6,846,654) and $50,659,927, respectively, and for the nine months ended September 30, 2020 and 2019 was $(46,771,239) and $144,352,584, 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 308,441 and 332,883 for the three and nine months ended September 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 nine months ended September 30, 2020, we excluded 2,816,707 and 2,506,497, respectively, and for the three and nine months ended September 30, 2019, we excluded 887,859 and 979,779 share-based compensation awards, respectively, because their effect would have been anti-dilutive under the treasury stock method.