(Loss) Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

Earnings Per Common Share

The Company calculates basic (loss) earnings per common share by dividing net (loss) income attributable to the Company's common stockholders for the period by weighted-average shares of common stock outstanding for that period. Diluted (loss) earnings per common share takes into account the effect of dilutive instruments, such as convertible notes, performance stock units and restricted stock units, and the number of incremental shares that are to be added to the weighted-average number of shares outstanding.

During the three months ended March 31, 2020, the Company's Convertible Notes were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. During the three months ended March 31, 2019, the Company's Convertible Notes were determined to be dilutive and were included in the calculation of diluted earnings per common share under the "if-converted" method. Under this method, the periodic interest expense (net of applicable taxes) for dilutive notes is added back to the numerator and the number of shares that the notes are entitled to (if converted, regardless of whether they are in or out of the money) are included in the denominator.

During the three months ended March 31, 2020, the PSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. During the three months ended March 31, 2019, the PSUs awarded under the 2017 Plan were determined to be dilutive and were included in the calculation of diluted earnings per common share under the treasury stock method. Under this method, common equivalent shares are calculated assuming that target PSUs vest according to the PSU Agreements and unrecognized compensation cost is used to repurchase shares of the Company’s outstanding common stock at the average market price during the reported period.

During the three months ended March 31, 2020, the RSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share under the treasury stock method. There were no RSUs outstanding during the three months ended March 31, 2019.

The following table presents the computation of basic and diluted (loss) earnings per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts):



	Three Months Ended March 31,
	2020			2019
Basic (Loss) Earnings per Common Share:
Net (loss) income attributable to Company	$	(588,383	)	$	44,139
Less: Preferred stock dividends ⁽¹⁾	(10,297		)	(5,925		)
Net (loss) income attributable to Company's common stockholders	$	(598,680	)	$	38,214
Basic weighted average common shares outstanding	350,912			174,421
Basic (Loss) Earnings per Common Share	$	(1.71	)	$	0.22

Diluted (Loss) Earnings per Common Share:
Net (loss) income attributable to Company	$	(588,383	)	$	44,139
Less: Preferred stock dividends ⁽¹⁾	(10,297		)	(5,925		)
Add back: Interest expense on convertible notes for the period, net of tax	—			2,626
Net (loss) income attributable to Company's common stockholders	$	(598,680	)	$	40,840
Weighted average common shares outstanding	350,912			174,421
Net effect of assumed convertible notes conversion to common shares	—			19,694
Net effect of assumed PSUs vested	—			855
Diluted weighted average common shares outstanding	350,912			194,970
Diluted (Loss) Earnings per Common Share	$	(1.71	)	$	0.21

⁽¹⁾Includes accumulated dividends for the three months ended March 31, 2020.