Earnings Per Share

12 Months Ended

Dec. 31, 2022

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 earnings (loss) per share.

The RSUs and PSUs are not a participating security as the dividends are forfeitable. For the year ended December 31, 2022, 4,069,000 incremental RSU and PSU shares were included in the diluted EPS calculation. For the years ended December 2021 and 2020, no incremental RSU or PSU shares were included in the diluted EPS calculation as their effect was anti-dilutive under the “if-converted” method.


	Year Ended December 31,
	2022		2021		2020
	(in thousands except per share amounts)
Basic EPS calculation
Net income (loss)	$	250,168	$	(15,542)	$	(262,895)
Weighted-average shares of common stock outstanding	78,517		80,209		79,802
Basic income (loss) per share	$	3.19	$	(0.19)	$	(3.29)
Diluted EPS calculation
Net income (loss)	$	250,168	$	(15,542)	$	(262,895)
Weighted-average shares of common stock outstanding	78,517		80,209		79,802
Dilutive effect of potentially dilutive securities(1)	4,069		—		—
Weighted-average common shares outstanding - diluted	82,586		80,209		79,802
Diluted income (loss) per share	$	3.03	$	(0.19)	$	(3.29)

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(1) We excluded 3.3 million and 0.1 million of combined RSUs and PSUs from the diluted weighted-average common shares outstanding because their effect was anti-dilutive for the years ended December 31, 2021 and 2020, respectively.