Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2020

The following is a computation of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended				Nine Months Ended
(in thousands, except per share data)	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Net income (loss)	$	124,871	$	84,502	$	(1,674,150)	$	270,345

Weighted average number of common shares outstanding - basic	220,221		220,285		220,216		220,379
Effect of potentially dilutive common shares (1)	197		298		—		263
Weighted average number of common shares outstanding - diluted	220,418		220,583		220,216		220,642
EARNINGS (LOSS) PER COMMON SHARE:
Basic	$	0.57	$	0.38	$	(7.60)	$	1.23
Diluted	$	0.57	$	0.38	$	(7.60)	$	1.23

(1)Represents the effect of the assumed vesting of non-participating restricted shares based on the treasury stock method.

There were 763,000 and 1.2 million weighted average outstanding restricted shares that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive for the three and nine months ended September 30, 2020, respectively.