Earnings Per Share

12 Months Ended

Dec. 31, 2020

15. Earnings Per Share

The following table reconciles the numerators and denominators used in the computations of basic and diluted earnings per share from continuing operations (in thousands, expect per share data):


	Year Ended December 31,
	2020		2019		2018
Numerator:
(Loss) income from continuing operations	$	(1,274,332)	$	164,312	$	340,921
Less: Net income attributable to non-controlling interests	1,200		3,954		5,129
Less: Preferred stock dividends	7,659		—		—
Net (loss) income from continuing operations available to common stockholders, basic and diluted	$	(1,283,191)	$	160,358	$	335,792
Denominator:
Basic weighted-average common shares outstanding	289,855		274,168		275,235
Add: Dilutive effect of stock options and restricted stock awards	—		2,049		2,283
Diluted weighted-average common shares outstanding	289,855		276,217		277,518
Earnings per share from continuing operations:
Basic	$	(4.43)	$	0.58	$	1.22
Diluted	$	(4.43)	$	0.58	$	1.21

Basic earnings per share is computed by dividing net income from continuing operations available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share is computed by dividing net income from continuing operations available to common stockholders by the weighted-average number of common shares outstanding plus the effect of all dilutive common stock equivalents during each period. The diluted weighted-

average common shares outstanding calculation excludes 2 million of dilutive stock options and restricted stock awards for the year ended December 31, 2020 as their effect would be anti-dilutive given the net loss incurred in the period. The calculation of diluted weighted-average shares excludes the impact of 3 million of anti-dilutive common stock equivalents for the years ended December 31, 2020, 2019 and 2018, respectively.

As we expect to settle the principal amount of the outstanding Exchangeable Notes in shares of our common stock, we have used the if-converted method for calculating any potential dilutive effect of these notes on our diluted net income per share. Under the if-converted method, the Exchangeable Notes are assumed to be converted at the beginning of the period and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period being presented and interest expense, net of tax, recorded in connection with the Exchangeable Notes is added back to the numerator, only in the periods in which such effect is dilutive. The approximately 44 million resulting common shares related to the Exchangeable Notes are not included in the dilutive weighted-average common shares outstanding calculation for the year ended December 31, 2020, respectively, as their effect would be anti-dilutive given the net loss incurred in the period.

Likewise, the potential dilutive effect of our Preferred Stock outstanding during the period was calculated using the if converted method assuming the conversion as of the earliest period reported or at the date of issuance, if later. The approximately 40 million resulting common shares related to the Preferred Stock are not included in the dilutive weighted-average common shares outstanding calculation for the year ended December 31, 2020, respectively, as their effect would be anti-dilutive given the net loss incurred in the period.