Earnings Per Share

6 Months Ended

Jun. 30, 2020

During the six months ended June 30, 2020, we repurchased 3,328,574 shares of our common stock under the repurchase program that was approved on July 30, 2019. These shares were subsequently retired. There were no shares repurchased under this program during the three months ended June 30, 2020.

The following table shows the information used in the calculation of our basic and diluted earnings per share calculation for the three and six months ended June 30, 2020 and June 30, 2019:


	For the Three Months Ended June 30,			For the Six Months Ended June 30,
	2020	2019	2020	2019

Weighted average common shares outstanding for basic calculation	267,249,580	290,565,408	268,233,233	290,562,234
Add: Effect of stock options, deferred share units and restricted stock units	10,815	8,745	10,764	8,898
Weighted average common shares outstanding for diluted calculation	267,260,395	290,574,153	268,243,997	290,571,132

Basic earnings per common share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding, which includes 65,062 and 59,166 shares of participating securities in the three and six months ended June 30, 2020, respectively. Diluted earnings per share are calculated by dividing net income (loss) by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued.

The weighted average common shares outstanding for the diluted earnings per share calculation excludes consideration of 1,734,610 and 1,603,198 equivalent shares and 1,288,003 and 1,127,885 equivalent shares in the three and six months ended June 30, 2020 and June 30, 2019, respectively, as these shares are anti-dilutive.