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Income (Loss) Per Share
12 Months Ended
Dec. 31, 2020
Income (Loss) Per Share  
Income (Loss) Per Share

Note 2 — Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Diluted income per share is calculated by dividing net income by the weighted average number of shares used to calculate basic income per share plus the weighted average number of common share equivalents outstanding during the period. The dilutive effect of outstanding options to purchase common stock and non-participating share-based awards is considered in diluted income per share by application of the treasury stock method. The dilutive effect of performance share units is included in diluted income per common share in the periods the performance targets have been achieved, or would have been achieved if the reporting date was the end of the contingency period.

The computations of basic and diluted income (loss) per share for the years ended December 31, 2020, 2019, and 2018 are as follows:

For the year ended December 31,

    

2020

    

2019

    

2018

(in thousands, except per share amounts)

Net income (loss)

$

(8,391)

$

(78,733)

$

(407,088)

Net income (loss) per common share:

Basic

$

(0.17)

$

(1.66)

$

(8.63)

Diluted

$

(0.17)

$

(1.66)

$

(8.63)

Basic weighted average shares outstanding

 

48,362

 

47,482

 

47,151

Effect of potentially dilutive share-based awards

 

 

 

Diluted weighted average shares outstanding

 

48,362

 

47,482

 

47,151

Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive

947

531

28

Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive

923

1,689

2,474

Maximum potential shares to be issued for settlement of the 2023, 2025, and 2027 Notes excluded from the diluted calculation as their effect would be antidilutive

17,753

8,618

8,618