Earnings Per Share

6 Months Ended

Jun. 30, 2021

Note 9—Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing net income available to Class A Common Stock by the weighted average shares of Common Stock outstanding during each period. Diluted EPS is calculated by dividing adjusted net income available to Class A Common Stock by the weighted average shares of diluted Common Stock outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consists of (i) unvested equity-based restricted stock and performance stock units, outstanding stock options, withholding amounts from the employee stock purchase plan and warrants, all using the treasury stock method, and (ii) the Company’s Class C common stock outstanding, prior to the conversion of remaining Class C shares in the second quarter of 2020, and potential shares issuable under our Convertible Senior Notes, both using the “if-converted” method, which is net of tax.

The following table reflects the allocation of net income to common shareholders and EPS computations for the periods indicated based on a weighted average number of common shares outstanding for the period:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2021		2020		2021		2020
Net income (loss) attributable to Class A Common Stock	$	(25,055)	$	5,330	$	(59,700)	$	(542,653)



Basic weighted average shares of Class A Common Stock outstanding	279,185		277,133		279,061		276,543
Add: Dilutive effects of potential common stock	—		75		—		—

Diluted weighted average shares of Class A Common Stock outstanding	279,185		277,208		279,061		276,543

Basic net earnings (loss) per share of Class A Common Stock	$	(0.09)	$	0.02	$	(0.21)	$	(1.96)
Diluted net earnings (loss) per share of Class A Common Stock	$	(0.09)	$	0.02	$	(0.21)	$	(1.96)

The Company recognized a net loss during the three and six months ended June 30, 2021 and during the three months ended June 30, 2020. As a result, all potential common shares were anti-dilutive and were excluded from the calculation of diluted net earnings per share. The following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2021	2020	2021	2020
Out-of-the-money stock options	2,241	4,696	2,267	4,756
Restricted stock	8,769	5,066	9,167	5,125
Employee Stock Purchase Plan	68	—	54	139
Weighted average shares of Class C Common Stock	—	11	—	523
Warrants	8,000	8,000	8,000	8,000
Performance stock units	—	—	199	—
Convertible Senior Notes	27,074	—	27,074	—