Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2020

Basic earnings (loss) per share ("EPS") is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period, excluding dilution for potential common stock issuances. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including: (i) shares issuable upon the vesting of RSUs and stock option exercises using the treasury stock method and (ii) shares issuable upon the conversion of the MCPS, as determined under the if-converted method. For purposes of calculating diluted EPS, preferred stock dividends have been subtracted from net income (loss) in periods in which utilizing the if-converted method would be anti-dilutive.

The computation of basic and diluted EPS is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2020		2019		2020		2019
Net Income (Loss)	$	40,934	$	25,359	$	58,149	$	75,726
Noncontrolling interests	(11,286)		(1,274)		(21,507)		(2,969)
Net Income (Loss) Attributable to Stockholders	29,648		24,085		36,642		72,757
Preferred stock dividends	—		(2,085)		—		(6,253)
Net Income (Loss) Attributable to Common Stockholders	$	29,648	$	22,000	$	36,642	$	66,504
Shares:
Basic: Weighted-average number of shares outstanding	7,684		6,947		7,611		6,990
Plus: Incremental shares from assumed conversion of dilutive instruments	313		1,210		347		1,225
Diluted: Weighted-average number of shares outstanding	7,997		8,157		7,958		8,215
Earnings (Loss) per Share—Basic	$	3.86	$	3.17	$	4.81	$	9.51
Earnings (Loss) per Share—Diluted	$	3.71	$	2.95	$	4.60	$	8.86

The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2020	2019	2020	2019
Restricted stock units and options	1	32	—	29

Total anti-dilutive securities	1	32	—	29