Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

Computation of Basic and Diluted Earnings Per Share

The following table summarizes the computation of basic and diluted earnings per share (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Earnings per common share—basic


Net income (loss)	$	91,744	$	(167,684)	$	364,205	$	(138,790)
Weighted-average common shares outstanding—basic(1)	185,225		94,141		151,541		94,225
Basic earnings (loss) per common share	$	0.50	$	(1.78)	$	2.40	$	(1.47)
Earnings per common share—diluted
Net income (loss)	$	91,744	$	(167,684)	$	364,205	$	(138,790)




Weighted-average common shares outstanding—basic(1)	185,225		94,141		151,541		94,225
Convertible notes weighted-average shares outstanding	6,850		—		6,105		—

Outstanding options, restricted stock units and performance share units	2,259		—		1,993		—
Weighted-average common shares outstanding—diluted	194,334		94,141		159,639		94,225
Diluted earnings (loss) per common share	$	0.47	$	(1.78)	$	2.28	$	(1.47)

(1)In connection with the Topgolf merger, on March 8, 2021, the Company issued 89,776,450 of its common stock to the stockholders of Topgolf, and 187,568 of its common stock for restricted stock awards converted in the merger (see Note 15), of which 89,964,018 and 56,662,420 weighted average shares for the three and six months ended June 30, 2021, respectively, were included in the basic and diluted share calculations based on the number of days the shares were outstanding during the periods.