Income (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Computation of Basic and Diluted Income (Loss) Per Share

The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income (loss)	$	267,396	$	81,802	$	279,470	$	(89,383)
Less: Undistributed income allocated to participating securities	—		—		—		—
Net income (loss) attributable to common stockholders	267,396		81,802		279,470		(89,383)
Plus: Net income effect of convertible securities	—		—		—		—
Numerator for diluted income (loss) per common share	$	267,396	$	81,802	$	279,470	$	(89,383)

Basic weighted-average common stock shares outstanding	59,535		59,437		59,481		57,713
Plus: dilutive effects of common stock equivalents (1)	296		324		229		—
Diluted weighted-average common stock shares outstanding	59,831		59,761		59,710		57,713

Basic income (loss) per common share	$	4.49	$	1.38	$	4.70	$	(1.55)
Diluted income (loss) per common share	$	4.47	$	1.37	$	4.68	$	(1.55)

Diluted income (loss) per common share excludes the following equity instruments because their effect would be anti-dilutive:
Shares of unvested restricted stock	49		488		309		1,047
Shares of stock options	2,135		2,280		2,314		2,439
Common stock equivalents using the if-converted method of settling the 5.00% Convertible Senior Notes (2)	—		—		—		1,644

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(1)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 Net Loss per common share for the nine months ended September 30, 2021.

(2)We had no 5.00% Convertible Senior Notes outstanding for the three and nine months ended September 30, 2022, and the three months ended September 30, 2021.