Earnings Per Share

9 Months Ended

Sep. 30, 2020

During the nine months ended September 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 September 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 nine months ended September 30, 2020 and 2019:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2020	2019	2020	2019

Weighted average common shares outstanding for basic calculation	267,265,705	290,112,233	267,908,427	290,410,859
Add: Effect of stock options, deferred share units and restricted stock units	13,850	15,063	12,463	11,492
Weighted average common shares outstanding for diluted calculation	267,279,555	290,127,296	267,920,890	290,422,351

Basic earnings per common share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding, which includes 77,157 and 65,264 shares of participating securities in the three and nine months ended September 30, 2020, respectively, and 36,546 and 28,914 shares of participating securities in the three and nine months ended September 30, 2019. 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 1,730,960 and 1,644,002 equivalent shares in the three and nine months ended September 30, 2020, respectively, and 1,303,854 and 1,203,220 equivalent shares in the three and nine months ended September 30, 2019, respectively, as these shares are anti-dilutive.