Earnings Per Share

12 Months Ended

Dec. 31, 2024

We provide a dual presentation of our net income (loss) per common share in our 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 years ended December 31, 2024, 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):


	2024		2023		2022
BASIC EPS:
Net income (loss) attributable to common stockholders	$	(968,031)	$	246,292	$	154,658
Weighted average number of common shares outstanding, excluding non-vested restricted stock units	397,196		279,501		215,935
Basic net income (loss) per common share	$	(2.44)	$	0.88	$	0.72

DILUTED EPS:
Net income (loss) attributable to common stockholders	$	(968,031)	$	246,292	$	154,658
Weighted average number of common shares outstanding, excluding non-vested restricted stock units	397,196		280,061		219,496
Diluted net income (loss) per common share	$	(2.44)	$	0.88	$	0.70
Potentially dilutive securities excluded as anti-dilutive	7,674		9,214		3,541