Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2020

(7)	Net Income (Loss) per Common Share

Basic income or loss per share attributable to common stockholders is computed as (i) income or loss attributable to common stockholders (ii) less income allocable to participating securities (iii) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (i) basic income or loss attributable to common stockholders (ii) plus diluted adjustments to income allocable to participating securities (iii) divided by weighted average diluted shares outstanding. Diluted net income (loss) per share is calculated under both the two class method and the treasury stock method and the more dilutive of the two calculations is presented. The following table sets forth a reconciliation of net income or loss to basic income or loss attributable to common stockholders and to diluted income or loss attributable to common stockholders (in thousands except per share amounts):


	Year Ended December 31,
	2020			2019			2018
Net loss, as reported	$	(711,777	)	$	(1,716,297	)	$	(1,746,481	)
Participating basic earnings ^(a)		—			(251	)		(245	)
Basic net loss attributed to common stockholders		(711,777	)		(1,716,548	)		(1,746,726	)
Reallocation of participating earnings ^(a)		—			—			—
Diluted net loss attributed to common stockholders	$	(711,777	)	$	(1,716,548	)	$	(1,746,726	)
Net loss per common share:
Basic	$	(2.95	)	$	(6.92	)	$	(7.10	)
Diluted	$	(2.95	)	$	(6.92	)	$	(7.10	)

^(a)

Restricted stock Liability 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 table details basic weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):

	Year Ended December 31,
	2020	2019		2018
Denominator:
Weighted average common shares outstanding – basic and diluted	241,373		247,970		246,171

Weighted average common shares – basic excludes 5.5 million shares of restricted stock Liability Awards held in our deferred compensation plans (although all awards are issued and outstanding upon grant) for the period ending December 31, 2020 compared to 3.1 million shares for both periods ending December 31, 2019 and 2018. Due to our net loss for the years ended December 31, 2020, 2019 and 2018, we excluded all outstanding equity grants from the computation of diluted net loss per share because the effect would have been anti-dilutive to the computations.