Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Net income (loss), as reported	$	373,087		$	(350,267	)	$	369,134		$	(479,588	)
Participating earnings (a)		(8,667	)		—			(9,183	)		—
Basic net income (loss) attributed to common shareholders		364,420			(350,267	)		359,951			(479,588	)
Reallocation of participating earnings (a)		172			—			188			—
Diluted net income (loss) attributed to common shareholders	$	364,592		$	(350,267	)	$	360,139		$	(479,588	)
Net income (loss) per common share:
Basic	$	1.52		$	(1.44	)	$	1.48		$	(1.98	)
Diluted	$	1.49		$	(1.44	)	$	1.45		$	(1.98	)


(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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Weighted average common shares outstanding – basic		239,768		243,311		242,850		242,692
Effect of dilutive securities:
Director and employee restricted stock and performance based equity awards		5,255		—		5,510		—
Weighted average common shares outstanding – diluted		245,023		243,311		248,360		242,692

Weighted average common shares outstanding-basic for third quarter 2022 excludes 5.7 million shares of restricted stock held in our deferred compensation plan compared to 6.5 million shares in third quarter 2021 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding-basic for first nine months 2022 excludes 6.2 million shares of restricted stock compared to 6.6 million for first nine months 2021. For the three months ended September 30, 2022, equity grants of 2,000 shares and for the first nine months 2022, 3,000 shares were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computations. Due to our net loss for third quarter 2021 and first nine months 2021, we excluded all equity grants from the computation of net loss per share because the effect would have been anti-dilutive to the computations.