Earnings per Share

3 Months Ended

Mar. 31, 2021

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.

As of March 31, 2021, potentially dilutive securities for this calculation consist primarily of non-vested RSUs, contingent PSUs, and warrants, which were measured using the treasury stock method. The warrants became exercisable at the election of the holders on January 14, 2021, and as a result, they were included as potentially dilutive securities beginning January 1, 2021. Please refer to Note 3 - Equity and Note 7 - Compensation Plans in this report, and Note 9 - Earnings Per Share in the 2020 Form 10-K for additional detail on these potentially dilutive securities.

As of March 31, 2020, potentially dilutive securities for this calculation consisted primarily of non-vested RSUs, contingent PSUs, and shares into which the 2021 Senior Convertible Notes were convertible, which were 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 applicable to the 2021 Senior Convertible Notes for the three months ended March 31, 2020, therefore, the 2021 Senior Convertible Notes had no dilutive impact. The Company has elected to satisfy any conversion obligation with respect to the 2021 Senior Convertible Notes solely in cash. As a result, the Company’s 2021 Senior Secured Convertible Notes are no longer convertible into shares of the Company’s common stock and thus, were not considered to be a potentially dilutive instrument as of March 31, 2021.

When the Company recognizes a net 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 number of anti-dilutive securities for the periods presented:


	For the Three Months Ended March 31,
		2021	2020
		(in thousands)
Anti-dilutive		8,106	1,219

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


	For the Three Months Ended March 31,
		2021		2020
		(in thousands, except per share data)
Net loss		$	(251,269)	$	(411,895)

Basic weighted-average common shares outstanding		114,759		113,009
Dilutive effect of non-vested RSUs and contingent PSUs		—		—
Dilutive effect of warrants		—		—
Diluted weighted-average common shares outstanding		114,759		113,009

Basic net loss per common share		$	(2.19)	$	(3.64)
Diluted net loss per common share		$	(2.19)	$	(3.64)