Earnings per Common Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings per Common Share

Earnings per Common ShareBasic earnings per share (EPS) is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS is similarly calculated except that the common shares outstanding for the period is increased using the treasury stock method to reflect the potential dilution that could occur if outstanding stock awards were vested at the end of the applicable period. Anti-dilutive shares represent potentially dilutive securities that are excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive.

The following is a calculation of basic and diluted weighted-average shares outstanding:

	Three Months Ended  September 30,		Nine Months Ended  September 30,
(In thousands)	2020	2019	2020	2019
Weighted-average shares - basic	398,580	412,456	398,500	419,199
Dilution effect of stock awards at end of period	—	2,006	2,128	1,902
Weighted-average shares - diluted	398,580	414,462	400,628	421,101

The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect:

	Three Months Ended  September 30,		Nine Months Ended  September 30,
(In thousands)	2020	2019	2020	2019
Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect due to net loss	3,009	—	—	—
Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method	—	484	51	633
	3,009	484	51	633