Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

Earnings (Loss) Per Common Share  

The following is a computation of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2021 and 2020: 

	Three Months Ended				Nine Months Ended
(in thousands, except per share data)	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net income (loss)	$	108,066	$	124,871	$	331,946	$	(1,674,150)
Weighted average number of common shares outstanding - basic	218,416		220,221		219,791		220,216
Effect of potentially dilutive common shares (1)	562		197		487		—
Weighted average number of common shares outstanding - diluted	218,978		220,418		220,278		220,216
Earnings (loss) per common share:
Basic	$	0.49	$	0.57	$	1.51	$	(7.60)
Diluted	$	0.49	$	0.57	$	1.51	$	(7.60)

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

The following table represents the weighted average outstanding restricted shares that were not included in the computation of diluted earnings (loss) per share because their effect would be anti-dilutive for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended		Nine Months Ended
(in thousands)	September 30, 2021	September 30, 2020	September 30, 2021	September 30, 2020
Restricted stock awards	—	763	73	1,164