Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

Computation of Basic and Diluted Earnings Per Share

The following table summarizes the computation of basic and diluted earnings per share (in thousands, except per share data):


	Three Months Ended March 31,
		2021		2020
Earnings per common share—basic


Net income		$	272,461	$	28,894
Weighted-average common shares outstanding—basic(1)		117,482		94,309
Basic earnings per common share		$	2.32	$	0.31
Earnings per common share—diluted
Net income		$	272,461	$	28,894




Weighted-average common shares outstanding—basic(1)		117,482		94,309
Convertible notes weighted-average shares outstanding		5,361		—

Outstanding options, restricted stock units and performance share units		1,727		1,367
Weighted-average common shares outstanding—diluted		124,570		95,676
Diluted earnings per common share		$	2.19	$	0.30

(1)In connection with the Topgolf merger, on March 8, 2021, the Company issued 89,776,450 of its common stock to the stockholders of Topgolf, and 187,568 of its common stock for restricted stock awards converted in the merger (see Note 15), of which 22,990,805 weighted average shares were included in the basic and diluted share calculations based on the number of days the shares were outstanding during the three months ended March 31, 2021.