Earnings/(Loss) Per Share

6 Months Ended

Jun. 30, 2020

The treasury stock method of calculating earnings/(loss) per share (“EPS”) is presented below for the three and six months ended June 30, 2020 and 2019. The following tables present the computations of basic and diluted EPS:


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
	(In thousands, except share and per share data)
Basic earnings/(loss) per share - Numerator:
Net income/(loss) before attribution to noncontrolling interests	$	(3,298)	$	19,449	$	(2,492)	$	38,991
Less: Net income attributable to noncontrolling interests	—		69		6		169
Net income/(loss) attributable to the Company	(3,298)		19,380		(2,498)		38,822
Decrease/(increase) in noncontrolling interests’ redemption values (1)	—		(816)		414		741




Net income/(loss) attributable to common shareholders, treasury stock method	$	(3,298)	$	18,564	$	(2,084)	$	39,563

Basic earnings/(loss) per share - Denominator:
Weighted average basic common shares outstanding	81,929,752		83,565,780		82,464,438		83,426,213
Per share data - Basic earnings/(loss) per share:


Total attributable to common shareholders	$	(0.04)	$	0.22	$	(0.03)	$	0.47


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
	(In thousands, except share and per share data)
Diluted earnings/(loss) per share - Numerator:


Net income/(loss) attributable to common shareholders, after assumed dilution	$	(3,298)	$	18,564	$	(2,084)	$	39,563
Diluted earnings/(loss) per share - Denominator:
Weighted average basic common shares outstanding	81,929,752		83,565,780		82,464,438		83,426,213

Dilutive effect of: Time-based and market-based stock options, performance-based and time-based restricted stock, and performance-based and time-based restricted stock units, and other dilutive securities (2)	—		483,192		—		609,837



Weighted average diluted common shares outstanding (2)	81,929,752		84,048,972		82,464,438		84,036,050
Per share data - Diluted earnings/(loss) per share:


Total attributable to common shareholders	$	(0.04)	$	0.22	$	(0.03)	$	0.47
Dividends per share declared and paid on common stock	$	0.12	$	0.12	$	0.24	$	0.24

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(1)See Part II. Item 8. “Financial Statements and Supplementary Data - Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the FASB Accounting Standards Codification Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption value from period to period reduces income attributable to common shareholders. A decrease in redemption value from period to period increases income attributable to common shareholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009.

(2)The diluted EPS computations for the three and six months ended June 30, 2020 and 2019 do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-

dilutive for the periods indicated. This includes shares excluded from the computation of diluted earnings/(loss) per share because the effect would have been anti-dilutive given the net loss during the period, and out-of-the money options, where the exercise prices were greater than the average market price of common shares for the period, because their inclusion would have been anti-dilutive As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows:


	Three months ended June 30,			Six months ended June 30,
	2020	2019	2020	2019
Anti-dilutive shares excluded from computation of average dilutive EPS	(In thousands)

Potential common shares from: options, restricted stock, or other dilutive securities	2,328	750	1,813	820
Total anti-dilutive shares excluded from computation of average dilutive EPS	2,328	750	1,813	820