Earning Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earning Per Share

5. EARNINGS PER SHARE:

Basic earnings per share is computed by dividing net earnings attributable to common shareholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed by adjusting the average number of common shares outstanding for the dilutive effect, if any, of common stock equivalents. The Company uses the treasury stock method to determine the dilutive effect.

Certain share-based payments subject to market conditions are considered contingently issuable shares for purposes of calculating diluted earnings per share. Thus, they are excluded from the diluted earnings per share denominator until the market conditions are met. Additionally, warrants are excluded from the diluted earnings per share denominator until the date on which the volume-weighted average price of the Common Shares is at least $2.50 per Common Share for 30 consecutive trading days. For further information on the warrants, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

The following table provides a reconciliation of components of basic and diluted net income per common share:

	For the Three Months Ended
	March 31,
	2020			2019
	(Share amounts in 000's)
Net income (loss)	$	(217,605	)	$	40,674
Weighted average common shares outstanding - basic		198,333			197,383
Effect of dilutive instruments		—			418
Weighted average common shares outstanding - diluted		198,333			197,801
Basic	$	(1.10	)	$	0.21
Diluted	$	(1.10	)	$	0.21