Earnings Per Share

6 Months Ended

Jun. 30, 2020

We calculate basic earnings (loss) per share by dividing net income (loss) by the weighted-average number of common shares outstanding during the three and six months ended June 30, 2020 which is approximately 80 million shares for both. 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 June 30, 2020, six months ended June 30, 2020 and six months ended June 30, 2019 no incremental RSUs or PSUs were included in the diluted EPS calculation as their effect was anti-dilutive under the “if converted” method. For the three months ended June 30, 2019, 164,000 incremental RSUs were included in the diluted EPS calculation and no incremental PSUs were included in the EPS calculation due to their contingent nature.




	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands except per share amounts)
Basic EPS calculation
Net (loss) income	$	(64,901)	$	31,972	$	(180,201)	$	(2,126)




Weighted-average shares of common stock outstanding	79,795		81,519		79,702		82,061
Basic (loss) earnings per share	$	(0.81)	$	0.39	$	(2.26)	$	(0.03)
Diluted EPS calculation
Net (loss) income	$	(64,901)	$	31,972	$	(180,201)	$	(2,126)




Weighted-average shares of common stock outstanding	79,795		81,519		79,702		82,061
Dilutive effect of potentially dilutive securities⁽¹⁾	—		164		—		—
Weighted-average common shares outstanding - diluted	79,795		81,683		79,702		82,061
Diluted (loss) earnings per share	$	(0.81)	$	0.39	$	(2.26)	$	(0.03)

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(1) No potentially dilutive securities were included in computing diluted (loss) earnings per share for the three and six months ended June 30, 2020 and six months ended June 30, 2019, because the effect of inclusion would have been anti-dilutive.