(Loss) Earnings Per Share

3 Months Ended

Mar. 31, 2020

Basic (loss) earnings per share is calculated by dividing net earnings attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted (loss) earnings per share is calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, restricted stock, and the dilutive effect of the convertible and exchangeable senior notes, if applicable. In computing the diluted net loss per share for the three months ended March 31, 2020, dilutive potential common shares are excluded from the diluted loss per share calculation because of their anti-dilutive effect.

A reconciliation of shares used in calculating (loss) earnings per basic and diluted shares follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2020		2019
Net (loss) income attributable to Encore Capital Group, Inc. stockholders	$	(10,454)	$	49,254

Total weighted-average basic shares outstanding	31,308		31,201
Dilutive effect of stock-based awards	—		158


Total weighted-average dilutive shares outstanding	31,308		31,359

Basic (loss) earnings per share	$	(0.33)	$	1.58
Diluted (loss) earnings per share	$	(0.33)	$	1.57

Anti-dilutive employee stock options outstanding were approximately 13,000 and 217,000 for the three months ended March 31, 2020 and 2019, respectively.