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Basic and Diluted Earnings and Loss Per Share | 9 Months Ended
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Sep. 30, 2021
Earnings Per Share [Abstract] |
Basic and Diluted Earnings and Loss Per Share | Basic and Diluted Earnings and Loss Per Share Basic and diluted earnings and loss per share was calculated as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands, except number of shares and per share data) | 2021 |  | 2020 |  | 2021 |  | 2020
Numerator for earnings per share calculation |  |  |  |  |  |  |
Net Income (Loss) | $ | 78,197 |  |  | $ | (288,402) |  |  | $ | 77,142 |  |  | $ | (347,242) |
Denominator for earnings per share calculation |  |  |  |  |  |  |
Weighted average number of shares outstanding – basic | 652,520,691 |  |  | 415,700,000 |  |  | 654,414,644 |  |  | 415,700,000 |
Effect of stock-based compensation | 361,714 |  |  | — |  |  | 401,851 |  |  | — |
Weighted average number of shares outstanding – diluted | 652,882,405 |  |  | 415,700,000 |  |  | 654,816,495 |  |  | 415,700,000 |
Income (Loss) per share – basic and diluted: |  |  |  |  |  |  |
Net income (loss) per share – basic | $ | 0.12 |  |  | $ | (0.69) |  |  | $ | 0.12 |  |  | $ | (0.84) |
Net income (loss) per share – diluted | $ | 0.12 |  |  | $ | (0.69) |  |  | $ | 0.12 |  |  | $ | (0.84) |
Earnings per share calculations for all periods prior to the Transactions have been retrospectively restated to the equivalent number of shares reflecting the exchange ratio established in the reverse recapitalization. Subsequent to the Transactions, earnings per share will be calculated based on the weighted average number of shares of common stock then outstanding. As of the three and nine months ended September 30, 2021, we have excluded from the calculation of diluted net income per share the instruments whose effect would have been anti-dilutive, including (i) 58,500,000 warrants outstanding, (ii) 100,000,000 shares which may be issued upon conversion of the Senior Convertible PIK Notes, and (iii) 12,404,080 unvested founder shares. Additionally, we have excluded from the calculation of diluted net income per share awards within the 2020 Omnibus Incentive Plan whose effect would have been anti-dilutive of 3,433,850 and 3,652,541 for the three and nine months ended September 30, 2021, respectively. There were no warrants, options, unvested founder shares, or 2020 Omnibus Incentive Plan awards for the three and nine months ended September 30, 2020.

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