Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2020

EARNINGS (LOSS) PER SHARE

The following table presents the computations of basic and diluted net earnings (loss) per share for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
	(Dollars in thousands, except per share data)
Basic Earnings (Loss) Per Share:
Net earnings (loss)	$	45,503	$	110,026	$	(1,354,404)	$	350,755
Less: Earnings allocated to unvested restricted stock(1)	(578)		(1,369)		(1,603)		(3,725)
Net earnings (loss) allocated to common shares	$	44,925	$	108,657	$	(1,356,007)	$	347,030

Weighted-average basic shares and unvested restricted
stock outstanding	118,438		119,831		118,469		120,691
Less: Weighted-average unvested restricted stock
outstanding	(1,684)		(1,622)		(1,596)		(1,480)
Weighted-average basic shares outstanding	116,754		118,209		116,873		119,211

Basic earnings (loss) per share	$	0.38	$	0.92	$	(11.60)	$	2.91

Diluted Earnings (Loss) Per Share:
Net earnings (loss) allocated to common shares	$	44,925	$	108,657	$	(1,356,007)	$	347,030

Weighted-average diluted shares outstanding	116,754		118,209		116,873		119,211

Diluted earnings (loss) per share	$	0.38	$	0.92	$	(11.60)	$	2.91

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(1) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.