Earnings Per Share

9 Months Ended

Sep. 30, 2021

We calculate basic earnings (loss) per share by dividing net income (loss) by the weighted-average number of common shares outstanding for each period presented. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement, are considered common shares outstanding and are included in the computation of net income (loss) per share.

The RSUs and PSUs are not a participating security as the dividends are forfeitable. For the three months ended September 30, 2021, 2,656,000 incremental RSU and PSU shares were included in the diluted EPS calculation, as their effect was dilutive under the “if converted” method. For the three months ended September 30, 2020 and the nine months ended September 30, 2021 and 2020, no incremental RSUs or PSUs were included in the diluted EPS calculation as their effect was anti-dilutive under the “if converted” method.




	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands except per share amounts)
Basic EPS calculation
Net income (loss)	$	9,836	$	(18,864)	$	(24,367)	$	(199,065)




Weighted-average shares of common stock outstanding	80,242		79,879		80,277		79,776
Basic income (loss) per share	$	0.12	$	(0.24)	$	(0.30)	$	(2.50)
Diluted EPS calculation
Net income (loss)	$	9,836	$	(18,864)	$	(24,367)	$	(199,065)




Weighted-average shares of common stock outstanding	80,242		79,879		80,277		79,776
Dilutive effect of potentially dilutive securities(1)	2,656		—		—		—
Weighted-average common shares outstanding - diluted	82,898		79,879		80,277		79,776
Diluted income (loss) per share	$	0.12	$	(0.24)	$	(0.30)	$	(2.50)

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(1) We excluded approximately 0.2 million dilutive securities from the dilutive weighted-average common shares outstanding for the three months ended 2020, because their effect was anti-dilutive. We excluded approximately 2.4 million and 0.2 million dilutive securities from the dilutive weighted-average common shares outstanding for the nine months ended September 30, 2021 and 2020, because their effect was anti-dilutive.