Earnings per Share

6 Months Ended

Jun. 30, 2019

Note 9 - Earnings Per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist primarily of non-vested RSUs, contingent PSUs, and shares into which the Senior Convertible Notes are convertible, which are measured using the treasury stock method. Shares of the Company’s common stock traded at an average closing price below the $40.50 conversion price for the three and six months ended June 30, 2019, and 2018, and therefore the Senior Convertible Notes had no dilutive impact. Please refer to Note 9 - Earnings Per Share in the 2018 Form 10-K for additional detail on these potentially dilutive securities.

When the Company recognizes a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted net loss per common share. The following table details the weighted-average anti-dilutive securities for the periods presented:



	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2019	2018	2019	2018
	(in thousands)
Anti-dilutive	—	—	715	—

The following table sets forth the calculations of basic and diluted net income (loss) per common share:



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2019		2018		2019			2018
	(in thousands, except per share data)
Net income (loss)	$	50,388	$	17,197	$	(127,180	)	$	334,598

Basic weighted-average common shares outstanding	112,262		111,701		112,257			111,698
Dilutive effect of non-vested RSUs and contingent PSUs	670		1,929		—			1,569
Diluted weighted-average common shares outstanding	112,932		113,630		112,257			113,267

Basic net income (loss) per common share	$	0.45	$	0.15	$	(1.13	)	$	3.00
Diluted net income (loss) per common share	$	0.45	$	0.15	$	(1.13	)	$	2.95