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Net Income (Loss) Per Common Share | 12 Months Ended
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Dec. 31, 2019
Earnings Per Share [Abstract] |
Net Income (Loss) Per Common Share |
(7) | Net Income (Loss) per Common Share
Basic income or loss per share attributable to common stockholders is computed as (i) income or loss attributable to common stockholders (ii) less income allocable to participating securities (iii) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (i) basic income or loss attributable to common stockholders (ii) plus diluted adjustments to income allocable to participating securities (iii) divided by weighted average diluted shares outstanding. Diluted net income (loss) per share is calculated under both the two class method and the treasury stock method and the more dilutive of the two calculations is presented. The following table sets forth a reconciliation of net income or loss to basic income or loss attributable to common stockholders and to diluted income or loss attributable to common stockholders (in thousands except per share amounts):
| Year Ended December 31, |
| 2019 |  |  |  | 2018 |  |  | 2017 |
Net (loss) income, as reported | $ | (1,716,297 | ) |  |  | $ | (1,746,481 | ) |  | $ | 333,146 |
Participating basic earnings (a) |  | (251 | ) |  |  |  | (245 | ) |  |  | (3,751 | )
Basic net (loss) income attributed to common stockholders |  | (1,716,548 | ) |  |  |  | (1,746,726 | ) |  |  | 329,395 |
Reallocation of participating earnings (a) |  | — |  |  |  |  | — |  |  |  | 5 |
Diluted net (loss) income attributed to common stockholders | $ | (1,716,548 | ) |  |  | $ | (1,746,726 | ) |  | $ | 329,400 |
Net (loss) income per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | (6.92 | ) |  |  | $ | (7.10 | ) |  | $ | 1.34 |
Diluted | $ | (6.92 | ) |  |  | $ | (7.10 | ) |  | $ | 1.34 |
| (a) | Restricted stock Liability Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.
The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Denominator: |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic |  | 247,970 |  |  |  | 246,171 |  |  |  | 245,091 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |
Director and employee restricted stock and performance-based equity awards |  | — |  |  |  | — |  |  |  | 367 |
Weighted average common shares outstanding – diluted |  | 247,970 |  |  |  | 246,171 |  |  |  | 245,458 |
Weighted average common shares – basic excludes 3.1 million shares of restricted stock Liability Awards held in our deferred compensation plans (although all awards are issued and outstanding upon grant) for the period ending December 31, 2019 compared to 3.1 million shares for the period ending December 31, 2018 and 2.8 million shares for the period ending December 31, 2017. Due to our net loss for the years ended December 31, 2019 and 2018, we excluded all outstanding equity grants from the computation of diluted net loss per share because the effect would have been anti-dilutive to the computations. Equity grants of 702,000 for the year ended December 31, 2017 were outstanding but not included in the computations of diluted net income per share because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computations. For purposes of calculating diluted weighted average common shares for the year ended December 31, 2017, nonvested restricted stock and performance based equity awards are included in the computation using the treasury stock method with the deemed proceeds equal to the average unrecognized compensation during the period.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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