Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2023

(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,
	2023			2022
Net income (loss), as reported	$	481,447		$	(456,808	)
Participating earnings (a)		(11,163	)		—
Basic net income (loss) attributed to common shareholders		470,284			(456,808	)
Reallocation of participating earnings (a)		124			—
Diluted net income (loss) attributed to common shareholders	$	470,408		$	(456,808	)
Net income (loss) per common share:
Basic	$	1.98		$	(1.86	)
Diluted	$	1.95		$	(1.86	)


(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,
	2023		2022
Weighted average common shares outstanding – basic		238,019		245,350
Effect of dilutive securities:
Director and employee restricted stock and performance based equity awards		2,863		—
Weighted average common shares outstanding – diluted		240,882		245,350

Weighted average common shares outstanding − basic for first quarter 2023 excludes 5.6 million shares of restricted stock held in our deferred compensation plan compared to 6.2 million shares in first quarter 2022 (although all awards are issued and outstanding upon grant). For the three months ended March 31, 2023, equity grants of 4,000 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 first quarter 2022, we excluded all equity grants from the computation of net loss per share because the effect would have been anti-dilutive to the computations.