Income (Loss) per Share

3 Months Ended

Mar. 31, 2020

Basic income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and the weighted-average number of shares issuable under the common stock warrants, representing 249 thousand and 354 thousand shares during the three months ended March 31, 2020 and March 31, 2019, respectively. The common stock warrants are included in the calculation of basic income (loss) per share because they were issuable for minimal consideration. As of March 31, 2020, the previously outstanding common stock warrants had been exercised for common stock. The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts):



	Three Months Ended March 31,
	2020			2019
Net income (loss)	$	(222,337	)	$	61,092
Less: Undistributed income allocated to participating securities (1)	—			693
Net income (loss) attributable to common stockholders	(222,337		)	60,399
Plus: Net income effect of convertible securities	—			2,756
Numerator for diluted income (loss) per common share	$	(222,337	)	$	63,155

Basic weighted-average common stock shares outstanding	53,153			49,127
Plus: dilutive effects of common stock equivalents (2)	—			6,423
Diluted weighted-average common stock shares outstanding	53,153			55,550

Basic income (loss) per common share	$	(4.18	)	$	1.23
Diluted income (loss) per common share	$	(4.18	)	$	1.14

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(1)	Participating securities include restricted stock that had been issued but has not yet vested during the three months ended March 31, 2019. These participating securities were fully vested as of December 31, 2019.


(2)	Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted loss per share for the three months ended March 31, 2020.

For the three months ended March 31, 2019, our calculation of diluted shares outstanding excluded 359 thousand shares of restricted stock and 1.9 million stock options.

As discussed in Note 10—Debt, we have the option of settling the 5.00% Convertible Senior Notes in cash or shares of common stock, or any combination thereof, upon conversion. For the three months ended March 31, 2019, diluted income per share was determined using the if-converted method.