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Earnings Per Share
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The computation of basic and diluted (losses) earnings per common share is as follows:    
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
(in thousands, except per share amounts)
2020
 
2019
 
2020
 
2019
Numerator:
 
 
 
 
 
 
 
Net (loss) income
$
(2,441
)
 
$
74,389

 
$
53,022

 
$
104,470

Loss (income) allocated to participating securities
14

 
(468
)
 
(301
)
 
(640
)
Net (loss) income available to common shareholders
$
(2,427
)
 
$
73,921

 
$
52,721

 
$
103,830

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
55,054

 
55,323

 
55,199

 
55,335

Basic (losses) earnings per share
$
(0.04
)
 
$
1.34

 
$
0.96

 
$
1.88

 
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net (loss) income
$
(2,441
)
 
$
74,389

 
$
53,022

 
$
104,470

Loss (income) allocated to participating securities
14

 
(466
)
 
(300
)
 
(638
)
Net (loss) income available to common shareholders
$
(2,427
)
 
$
73,923

 
$
52,722

 
$
103,832

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
55,054

 
55,323

 
55,199

 
55,335

Diluted effect of stock options and PVRSUs
—

 
237

 
258

 
273

Weighted average common shares outstanding – diluted
55,054

 
55,560

 
55,457

 
55,608

Diluted (losses) earnings per share
$
(0.04
)
 
$
1.33

 
$
0.95

 
$
1.87


The Company's unvested restricted shares contain rights to receive nonforfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share ("EPS"). The calculation of EPS for common stock shown above excludes the income attributable to the unvested restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator.
The Company had 1.0 million outstanding stock options at both June 30, 2020 and 2019. Stock options are included in the diluted EPS calculation using the treasury stock method and average market prices during the period, unless the stock options would be anti-dilutive.
For the three months ended June 30, 2020, 1.0 million anti-dilutive stock options were excluded from the diluted EPS calculation. For the six months ended June 30, 2020, 0.2 million anti-dilutive stock options were excluded from the diluted EPS calculation. For the three months ended June 30, 2019, no anti-dilutive stock options were excluded from the diluted EPS
calculation. For the six months ended June 30, 2019, 0.2 million anti-dilutive stock options were excluded from the diluted EPS calculation.
PVRSUs are also included in the diluted EPS calculation when the performance conditions have been met at the reporting date. However, at June 30, 2020 and 2019, PVRSUs totaling 245,593 and 315,561, respectively, were excluded from the computation since the performance conditions had not been met.