PER SHARE OF COMMON STOCK

12 Months Ended

Dec. 31, 2020

Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined based on the weighted average number of common shares outstanding during the period combined with the incremental average common shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible. The calculation of basic and diluted net (loss) income per share is determined using net (loss) income applicable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts). Due to the net loss applicable to common stockholders for the year ended December 31, 2020, no securities had a dilutive impact.


	Year Ended December 31,
	2020		2019		2018
Basic net (loss) income per share:
Net (loss) income applicable to common stockholders	$	(97,412)	$	89,575	$	69,421
Weighted average common shares outstanding	52,945		54,695		56,996
Basic net (loss) income per share	$	(1.84)	$	1.64	$	1.22

Diluted net (loss) income per share:
Net (loss) income applicable to common stockholders	$	(97,412)	$	89,575	$	69,421

Weighted average common shares outstanding	52,945		54,695		56,996
Dilutive shares from assumed conversion of convertible senior notes	—		—		455
Dilutive stock options and restricted stock	—		595		979
Diluted weighted average common shares outstanding	52,945		55,290		58,430
Diluted net (loss) income per share	$	(1.84)	$	1.62	$	1.19

As noted above, due to the net loss applicable to common stockholders for the year ended December 31, 2020, no securities had a dilutive impact. For the years ended December 31, 2019 and 2018, there were no options excluded from average diluted shares outstanding as the average market price of the common shares was greater than the exercise price. In addition, the calculation of diluted net income per share for the year ending December 31, 2018 includes the impact of the Company’s Convertible Senior Notes as the average stock price of the Company’s common stock during this period was above the initial

conversion price of approximately $11.70 per share. The convertible notes matured in May 2018; as such, there were no dilutive shares in 2020 or 2019.