Earnings Per Share

3 Months Ended

Mar. 31, 2023

12. Earnings Per Share

We provide a dual presentation of our net income (loss) per common share in our unaudited condensed consolidated statements of operations: basic net income (loss) per common share (“Basic EPS”) and diluted net income (loss) per common share (“Diluted EPS”).

Basic EPS excludes dilution and is determined by dividing the earnings attributable to common stockholders by the weighted average number of common shares outstanding during the period.

Diluted EPS is based on the weighted average number of common shares outstanding plus the dilutive effect of potential common shares, including stock options and non-vested performance units and non-vested restricted stock units. The dilutive effect of stock options, non-vested performance units and non-vested restricted stock units is determined using the treasury stock method.

The following table presents information necessary to calculate net income (loss) per share for the three months ended March 31, 2023 and 2022 as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts):


	Three Months Ended
	March 31,
	2023		2022
BASIC EPS:
Net income (loss) attributed to common stockholders	$	99,678	$	(28,777	)
Weighted average number of common shares outstanding		212,089		215,267
Basic net income (loss) per common share	$	0.47	$	(0.13	)
DILUTED EPS:
Net income (loss) attributed to common stockholders	$	99,678	$	(28,777	)
Weighted average number of common shares outstanding		212,089		215,267
Add dilutive effect of potential common shares		3,777		—
Weighted average number of diluted common shares outstanding		215,866		215,267
Diluted net income (loss) per common share	$	0.46	$	(0.13	)
Potentially dilutive securities excluded as anti-dilutive		2,905		10,739