Earnings per share

9 Months Ended

Sep. 30, 2020

Basic and diluted earnings or losses per share (“EPS”) are as follows ($ in thousands, except share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator
Net (loss) income	$	(78,604)	$	(30,461)	$	(188,618)	$	13,567
Denominator
Denominator for basic EPS - weighted-average number of shares outstanding	134,493,864		129,841,264		131,426,886		130,265,112
Effect of dilutive securities
Unvested restricted share awards	—		—		—		336,135
Denominator for diluted EPS - adjusted weighted-average number of shares outstanding	134,493,864		129,841,264		131,426,886		130,601,247

EPS - Basic	$	(0.58)	$	(0.23)	$	(1.44)	$	0.10
EPS - Diluted	$	(0.58)	$	(0.23)	$	(1.44)	$	0.10

For the three and nine months ended September 30, 2020, 1,200,714 shares of unvested performance-based equity awards were not included in the computation of diluted EPS after assumed conversions as the performance criteria were not met as of the end of the respective reporting period. For the three and nine months ended September 30, 2019, 934,107 shares of unvested performance-based equity awards were not included in the computation of diluted EPS after assumed conversions as the performance criteria were not met as of the end of the respective reporting period.

For the three and nine months ended September 30, 2020, 2,300,089 shares of unvested restricted share awards were not included in the computation of diluted EPS as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2019, 2,175,638 and 292,937 shares of unvested restricted share awards, respectively, were not included in the computation of diluted EPS as their effect would have been anti-dilutive.

For the three and nine months ended September 30, 2020 and 2019, outstanding earnout warrants to acquire a total of 2,987,770 ordinary shares were not included in the computation of diluted EPS after assumed conversions because the warrants were not exercisable as of the end of the respective reporting period.