Earnings Per Share

3 Months Ended

Mar. 31, 2020

During the three months ended March 31, 2020, we repurchased 3,328,574 shares of our common stock under the repurchase program that was approved on July 30, 2019. These shares were subsequently retired.

The following table shows the information used in the calculation of our basic and diluted earnings per share calculation as of March 31, 2020 and March 31, 2019:



	For the Three Months Ended March 31,
	2020	2019

Weighted average common shares outstanding for basic calculation	269,216,820	290,559,025
Add: Effect of stock options, deferred share units and restricted stock units	19,742	7,138
Weighted average common shares outstanding for diluted calculation	269,236,562	290,566,163

Basic earnings per common share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding, which includes 53,204 and 21,413 shares of participating securities in the three months ended March 31, 2020 and 2019, respectively. Diluted earnings per share are calculated by dividing net income (loss) by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued.

The weighted average common shares outstanding for the diluted earnings per share calculation excludes consideration of 1,297,661 equivalent shares in the three months ended March 31, 2020 and 981,330 equivalent shares in the three months ended March 31, 2019 as these shares are anti-dilutive.