Earnings Per Share

We calculate basic earnings (loss) per share by dividing net income (loss) by the weighted-average number of common shares outstanding during the three months ended March 31, 2020 and 2019 which is approximately 80 million shares and 82 million shares, respectively. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement, are considered common shares outstanding and are included in the computation of net income (loss) per share.

The RSUs and PSUs are not a participating security as the dividends are forfeitable. For the three months ended March 31, 2020 and March 31, 2019, no incremental RSUs or PSUs were included in the diluted EPS calculation as their effect was anti-dilutive under the “if converted” method.



	Three Months Ended March 31,
	2020			2019
	(in thousands except per share amounts)
Basic EPS calculation
Net loss	$	(115,300	)	$	(34,098	)
Weighted-average shares of common stock outstanding	79,608			81,765
Basic loss per share	$	(1.45	)	$	(0.42	)
Diluted EPS calculation
Net loss	$	(115,300	)	$	(34,098	)
Weighted-average shares of common stock outstanding	79,608			81,765
Dilutive effect of potentially dilutive securities⁽¹⁾	—			—
Weighted-average common shares outstanding - diluted	79,608			81,765
Diluted loss per share	$	(1.45	)	$	(0.42	)

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(1)	No potentially dilutive securities were included in computing earnings (loss) per share for the three months ended March 31, 2020 and March 31, 2019, because the effect of inclusion would have been anti-dilutive.