Earnings/(Loss) per Share

9 Months Ended

Sep. 30, 2020

The following reconciles shares outstanding for basic and diluted earnings/(loss) per share for the three and nine months ended September 30, 2020 and September 30, 2019 (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Weighted average shares outstanding	60,363	51,039	60,349	50,792
Less: Unallocated ESOP shares	(418)	(484)	(435)	(501)
Unallocated incentive award shares and shares held by deferred compensation plan	(10)	(64)	(13)	(49)
Average basic shares outstanding	59,935	50,491	59,901	50,242
Add: Effect of dilutive securities:
Incentive awards and shares held by deferred compensation plan	—	475	175	588

Average diluted shares outstanding	59,935	50,966	60,076	50,830

For the three and nine months ended September 30, 2020, antidilutive stock options of 2,251,000 and 2,067,000, respectively, were excluded from earnings/(loss) per share calculations. For the three and nine months ended September 30, 2019, antidilutive stock options of 997,000 and 993,000, respectively, were excluded from earnings/(loss) per share calculations. For the three months ended September 30, 2020, 87,000 shares related to incentive awards and shares held by deferred compensation plan were excluded from the diluted earnings/(loss) per share calculation as they were antidilutive.