Income (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2020

Computations of Basic and Diluted 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 June 30,						Six Months Ended June 30,
		2020			2019			2020			2019
Net (loss) income, as reported	$	(146,569	)	$	115,185		$	(1,594	)	$	116,604
Participating earnings ^(a)		—			(1,592	)		—			(1,400	)
Basic net (loss) income attributed to common shareholders		(146,569	)		113,593			(1,594	)		115,204
Reallocation of participating earnings ^(a)		—			4			—			6
Diluted net (loss) income attributed to common shareholders	$	(146,569	)	$	113,597		$	(1,594	)	$	115,210
Net (loss) income per common share:
Basic	$	(0.61	)	$	0.46		$	(0.01	)	$	0.46
Diluted	$	(0.61	)	$	0.46		$	(0.01	)	$	0.46

^(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.

Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding

The following provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2020	2019		2020	2019
Weighted average common shares outstanding – basic	239,472	247,770		242,717	247,773
Effect of dilutive securities:
Director and employee restricted stock and performance based equity awards	—	666		—	1,269
Weighted average common shares outstanding – diluted	239,472	248,436		242,717	249,042