Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2021

Summary of 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Earnings per common share—basic
Net income (loss)	$	(15,991)	$	52,432	$	348,214	$	(86,358)
Weighted-average common shares outstanding—basic(1)	185,963		94,171		163,141		94,207
Basic earnings (loss) per common share	$	(0.09)	$	0.56	$	2.13	$	(0.92)
Earnings per common share—diluted
Net income (loss)	$	(15,991)	$	52,432	$	348,214	$	(86,358)
Weighted-average common shares outstanding—basic(1)	185,963		94,171		163,141		94,207
Convertible notes weighted-average shares outstanding	—		924		6,117		—
Outstanding options, restricted stock units and performance share units	—		1,517		1,936		—
Weighted-average common shares outstanding—diluted	185,963		96,612		171,194		94,207
Diluted earnings (loss) per common share	$	(0.09)	$	0.54	$	2.03	$	(0.92)

(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 67,884,937 weighted average shares for the three and nine months ended September 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.