Note 2 - Net Income Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Net Income Per Share

Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding, while diluted net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and the weighted-average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements.

The calculation of basic and diluted net income (loss) per share is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per-share amounts)	2020		2019		2020		2019
Net income (loss)—basic and diluted	$	(29,951)	$	166,730	$	110,510	$	337,687
Average common shares outstanding—basic (1)	193,299		208,097		197,545		211,264
Dilutive effect of share-based compensation arrangements (2)	—		5,506		1,201		5,236
Adjusted average common shares outstanding—diluted	193,299		213,603		198,746		216,500
Net income (loss) per share:
Basic	$	(0.15)	$	0.80	$	0.56	$	1.60
Diluted	$	(0.15)	$	0.78	$	0.56	$	1.56

______________________

(1)Includes the impact of fully vested shares under our share-based compensation programs.

(2)There were no dilutive shares for the three months ended June 30, 2020, as a result of our net loss for the period. The following number of shares of our common stock equivalents issued under our share-based compensation arrangements were not included in the calculation of diluted net income (loss) per share because they were anti-dilutive:

	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2020	2019	2020	2019
Shares of common stock equivalents	2,295	168	1,213	168