Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2022

(6) INCOME (LOSS) PER COMMON SHARE

Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common shareholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following sets forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands, except per share amounts):


	Three Months Ended March 31,
	2022			2021
Net (loss) income, as reported	$	(456,808	)	$	27,151
Participating earnings (a)		—			(673	)
Basic net (loss) income attributed to common shareholders		(456,808	)		26,478
Reallocation of participating earnings (a)		—			14
Diluted net (loss) income attributed to common shareholders	$	(456,808	)	$	26,492
Net (loss) income per common share:
Basic	$	(1.86	)	$	0.11
Diluted	$	(1.86	)	$	0.11


(a)	Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):


	Three Months Ended March 31,
	2022		2021
Weighted average common shares outstanding – basic		245,350		242,159
Effect of dilutive securities:
Director and employee restricted stock and performance based equity awards		—		5,368
Weighted average common shares outstanding – diluted		245,350		247,527

Weighted average common shares outstanding-basic for first quarter 2022 excludes 6.2 million shares of restricted stock held in our deferred compensation plan compared to 6.2 million shares in first quarter 2021 (although all awards are issued and outstanding upon grant). Due to our loss in first quarter 2022, we excluded all outstanding equity grants from the computation of diluted loss per share because the effect would have been anti-dilutive to the computations. For first quarter 2021, equity grants of 88,000 were outstanding but not included in the computation of diluted net income per share because the grant prices were greater than the average market price of our common shares and would be anti-dilutive to the computation. Non-vested restricted stock and performance based equity awards are included in the computation using the treasury stock method with the deemed proceeds equal to the average unrecognized compensation during the period.