Earnings Per Share

9 Months Ended

Sep. 30, 2020

Basic EPS is computed by dividing net income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding for the period. The weighted-average shares outstanding for diluted EPS includes the incremental effects of the various long-term incentive compensation plans and forward agreements when the impact would be dilutive. The dilutive effects of forward agreements for the nine months ended September 30, 2019 relate to forward agreements settled in the fourth quarter of 2019. The computation of diluted average common shares for the three and nine months ended September 30, 2020 and the three months ended September 30, 2019 is not presented as we had a net loss on the Condensed Statements of Consolidated Income (Loss) (unaudited) during those periods, and any incremental shares would have had an anti-dilutive impact on EPS. The computation of diluted average common shares is as follows:

Nine Months Ended

September 30,

(in thousands)

2019

Denominator

Basic average common shares outstanding

373,796

Dilutive potential common shares:

Shares contingently issuable under employee stock plans

919

Shares restricted under employee stock plans

141

Forward Agreements

339

Diluted Average Common Shares

375,195