Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Note 11 — Earnings Per Share

We have shares of restricted stock issued and outstanding that are currently unvested. Shares of restricted stock are considered participating securities because holders of shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our unrestricted common stock. We are required to compute basic and diluted earnings per share (“EPS”) under the two-class method in periods in which we have earnings. Under the two-class method, the undistributed earnings for each period are allocated based on the participation rights of both common shareholders and the holders of any participating securities as if earnings for the respective periods had been distributed. Because the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. For periods in which we have a net loss we do not use the two-class method as holders of our restricted shares are not obligated to share in such losses.

The presentation of basic EPS on the face of the accompanying condensed consolidated statements of operations is computed by dividing net income or loss by the weighted average shares of our common stock outstanding. The calculation of diluted EPS is similar to that for basic EPS, except that the denominator includes dilutive common stock equivalents and the numerator excludes the effects of dilutive common stock equivalents, if any. The computations of the numerator (income) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands):

	Three Months Ended June 30, 2020			Three Months Ended June 30, 2019
	Income		Shares	Income		Shares
Basic:
Net income attributable to common shareholders	$	5,450		$	16,854
Less: Undistributed earnings allocated to participating securities	(37)			(141)
Accretion of redeemable noncontrolling interests	(69)			(18)
Net income available to common shareholders, basic	$	5,344	148,971	$	16,695	147,521
Diluted:
Net income available to common shareholders, basic	$	5,344	148,971	$	16,695	147,521
Effect of dilutive securities:
Share-based awards other than participating securities	—		720	—		580
Net income available to common shareholders, diluted	$	5,344	149,691	$	16,695	148,101

	Six Months Ended June 30, 2020			Six Months Ended June 30, 2019
	Income		Shares	Income		Shares
Basic:
Net income (loss) attributable to common shareholders	$	(6,488)		$	18,172
Less: Undistributed earnings allocated to participating securities	—			(159)
Accretion of redeemable noncontrolling interests	(2,155)			(18)
Net income (loss) available to common shareholders, basic	$	(8,643)	148,917	$	17,995	147,471
Diluted:
Net income (loss) available to common shareholders, basic	$	(8,643)	148,917	$	17,995	147,471
Effect of dilutive securities:
Share-based awards other than participating securities	—		—	—		460
Net income (loss) available to common shareholders, diluted	$	(8,643)	148,917	$	17,995	147,931

We had a net loss for the six-month period ended June 30, 2020. Accordingly, our diluted EPS calculation for this period excluded any assumed exercise or conversion of common stock equivalents. These common stock equivalents were excluded because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable periods. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands): 

	Six Months Ended
	June 30, 2020
Diluted shares (as reported)	148,917
Share-based awards	980
Total	149,897

In addition, the following potentially dilutive shares related to the 2022 Notes and the 2023 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2020	2019	2020	2019
2022 Notes	8,997	8,997	8,997	8,997
2023 Notes	13,202	13,202	13,202	13,202