(Loss) Earnings Per Share

12 Months Ended

Dec. 31, 2019

Note 13. (Loss) Earnings Per Share

Basic (loss) earnings per share is calculated by dividing Net (loss) income by the weighted-average number of shares of common stock outstanding. Diluted (loss) earnings per share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares under stock-based compensation plans, unless the inclusion of such shares would have an anti-dilutive impact. The computations of the Company’s basic and diluted (loss) earnings per share are set forth below (in thousands, except per share amounts):

	Year Ended December 31,
	2019			2018		2017 ⁽¹⁾
Net (loss) income	$	(445,324	)	$	38,809	$	224,443
Basic weighted-average common shares outstanding		66,995			70,318		71,661
Effect of dilutive stock-based compensation awards ⁽²⁾		—			229		66
Diluted weighted-average common shares outstanding		66,995			70,547		71,727
(Loss) earnings per share, basic	$	(6.65	)	$	0.55	$	3.13
(Loss) earnings per share, diluted		(6.65	)		0.55		3.13

(1)

As of the Separation date of May 31, 2017, the total shares outstanding were 71.6 million. For the year ended December 31, 2017, the calculation of both basic and diluted earnings per share includes the 71.6 million shares as the shares outstanding during the period of January 1, 2017 through May 31, 2017.

(2)	If the Company had been in a net income position, 0.8 million potential common shares would have been included from diluted weighted-average common shares outstanding for the year ended December 31, 2019 as their inclusion would have had an anti-dilutive effect.

As of December 31, 2019, the Company has two classes of stock which consist of common stock and preferred stock. As of December 31, 2019, the Company has only issued common stock at a par value of $0.01.