Earnings Per Share

9 Months Ended

Sep. 30, 2023

15. 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 and nine months ended September 30, 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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
BASIC EPS:
Net income attributable to common stockholders	$	50	$	61,452	$	184,342	$	54,561
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock		280,218		216,822		233,631		216,090
Basic net income per common share	$	0.00	$	0.28	$	0.79	$	0.25

DILUTED EPS:
Net income attributable to common stockholders	$	50	$	61,452	$	184,342	$	54,561
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock		281,984		220,454		234,488		219,381
Diluted net income per common share	$	0.00	$	0.28	$	0.79	$	0.25
Potentially dilutive securities excluded as anti-dilutive		3,268		3,359		10,351		3,359