Earnings Per Common Share

6 Months Ended

Jun. 30, 2017

NOTE 9. Earnings Per Common Share

We determine basic earnings per common share based on the weighted average number of shares of common stock outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per common share based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible. As described in Note 1, the common shares outstanding at the separation date are reflected as outstanding for all periods prior to the separation.

The following table sets forth the computation of our basic and diluted earnings per common share (in thousands, except per share data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Numerator:
Net (loss) income attributable to common shareholders	$	(385,534)	$	83,593	$	(348,850)	$	132,355
Denominator:
Weighted average common shares outstanding - basic		93,602		93,598		93,600		93,598
Compensation-related shares		—		—		—		—
Weighted average common shares outstanding - diluted		93,602		93,598		93,600		93,598
(Loss) earnings per common share - basic and diluted	$	(4.12)	$	0.89	$	(3.73)	$	1.41

For the three and six months ended June 30, 2017, additional potentially dilutive securities include outstanding stock options, restricted stock units, deferred stock units and performance-based stock awards. For the three and six months ended June 30, 2017, diluted shares exclude the impact of any such securities because their effect would be anti-dilutive. There were no such securities outstanding during the three and six months ended June 30, 2016. We accrue distributions when they are declared.