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Earnings Per Share | 6 Months Ended
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Jun. 30, 2020
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net loss attributable to Valaris used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and includes the effect of all potentially dilutive stock options and excludes non-vested shares. In the three and six months ended June 30, 2020 and 2019, our potentially dilutive instruments were not included in the computation of diluted EPS as the effect of including these shares in the calculation would have been anti-dilutive. The following table is a reconciliation of loss from continuing operations attributable to Valaris shares used in our basic and diluted EPS computations for the three and six months ended June 30, 2020 and 2019 (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Income (loss) from continuing operations attributable to Valaris | $ | (1,107.4 | ) |  | $ | 405.5 |  |  | $ | (4,113.7 | ) |  | $ | 215.1 |
Income from continuing operations allocated to non-vested share awards(1) | — |  |  | (12.1 | ) |  | — |  |  | (6.3 | )
Income (loss) from continuing operations attributable to Valaris shares | $ | (1,107.4 | ) |  | $ | 393.4 |  |  | $ | (4,113.7 | ) |  | $ | 208.8 |
(1) | Losses are not allocated to non-vested share awards. Due to the net loss position, potentially dilutive share awards are excluded from the computation of diluted EPS. There were no potentially dilutive share awards for the three and six months ended June 30, 2019.
Anti-dilutive share awards totaling 400,000 were excluded from the computation of diluted EPS for the three and six months ended June 30, 2020, respectively. Anti-dilutive share awards totaling 400,000 and 300,000 were excluded from the computation of diluted EPS for the three and six months ended June 30, 2019, respectively. We have the option to settle our 2024 Convertible Notes in cash, shares or a combination thereof for the aggregate amount due upon conversion. During each respective reporting period that our average share price exceeds the exchange price, an assumed number of shares required to settle the conversion obligation in excess of the principal amount will be included in our denominator for the computation of diluted EPS using the treasury stock method. Our average share price did not exceed the exchange price during the three and six months ended June 30, 2020 and 2019.

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