Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share

Earnings Per Share

Note 12 — Earnings Per Share

Basic earnings per share are calculated by dividing net (loss) income by the weighted-average shares of common stock outstanding during each period, excluding non-vested restricted shares. Our diluted earnings per share are based on the weighted-average shares of common stock outstanding during each period plus the maximum dilutive effect of common stock issuable upon exercise of stock options or vesting of restricted shares. Stock options and unvested restricted stock units are considered to common stock equivalents and are only included in the calculation of diluted earnings per common share when their effect is dilutive. The weighted-average number of shares and equivalents are determined after giving retroactive effect to stock dividends and stock splits.

The following table sets forth the computation of basic and diluted (loss) earnings per share:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars and shares in thousands, except for per share amounts)	2020		2019		2020		2019
Basic (loss) earnings per common share:
Net (loss) income	$	(84,935)	$	41,460	$	(60,825)	$	85,827
Weighted-average basic common shares		43,318		35,089		38,439		35,268
Basic (loss) earnings per common share	$	(1.96)	$	1.18	$	(1.58)	$	2.43
Diluted (loss) earnings per share:
Net (loss) income	$	(84,935)	$	41,460	$	(60,825)	$	85,827
Weighted-average basic common shares		43,318		35,089		38,439		35,268
Effect of dilutive securities (1)		—		211		—		193
Weighted-average dilutive shares		43,318		35,300		38,439		35,461
Diluted (loss) earnings per common share	$	(1.96)	$	1.17	$	(1.58)	$	2.42

(1) Due to the net loss during the three and six months ended June 30, 2020, the potentially dilutive stock options and unvested restricted stock units would have been anti-dilutive and therefore excluded from weighted average dilutive shares and from the calculation of diluted earnings per common share.

The calculation of diluted earnings per common share excludes outstanding stock options for which the results would have been anti-dilutive under the treasury stock method as follows:

	Three Months Ended June 30,										Six Months Ended June 30,
(Dollars in thousands)	2020					2019					2020					2019
Number of shares					296,178					63,313					296,178					63,313
Range of exercise prices	$	16.66	to	$	91.35	$	69.48	to	$	91.35	$	16.66	to	$	91.35	$	69.48	to	$	91.35