EARNINGS/(LOSS) PER SHARE |
EARNINGS/(LOSS) PER SHARE Earnings/(loss) per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (In thousands, except per share data) | 2021 | | 2020 | | 2021 | | 2020 | Income/(loss) from continuing operations | $ | 21,636 | | | $ | (543,045) | | | $ | 34,667 | | | $ | (555,117) | | (Loss) from discontinued operations | — | | | (6,336) | | | — | | | (14,134) | | Net income/(loss) | $ | 21,636 | | | $ | (549,381) | | | $ | 34,667 | | | $ | (569,251) | | | | | | | | | | Average number of common shares issued | 51,903 | | | 51,903 | | | 51,903 | | | 51,903 | | Less: average number of treasury shares | 822 | | | 1,718 | | | 885 | | | 1,731 | | Less: average number of unvested stock award shares | 760 | | | 461 | | | 691 | | | 472 | | Plus: average participating preferred shares | — | | | 522 | | | — | | | 528 | | Average number of basic shares outstanding | 50,321 | | | 50,246 | | | 50,327 | | | 50,228 | | Plus: dilutive effect of unvested stock award shares | 280 | | | — | | | 257 | | | — | | Plus: dilutive effect of stock options outstanding | 7 | | | — | | | 4 | | | — | | Average number of diluted shares outstanding | 50,608 | | | 50,246 | | | 50,588 | | | 50,228 | | | | | | | | | | Basic earnings/(loss) per common share: | | | | | | | | Continuing operations | $ | 0.43 | | | $ | (10.80) | | | $ | 0.69 | | | $ | (11.05) | | Discontinued operations | — | | | (0.13) | | | — | | | (0.28) | | Total | $ | 0.43 | | | $ | (10.93) | | | $ | 0.69 | | | $ | (11.33) | | | | | | | | | | Diluted earnings/(loss) per common share: | | | | | | | | Continuing operations | $ | 0.43 | | | $ | (10.80) | | | $ | 0.69 | | | $ | (11.05) | | Discontinued operations | — | | | (0.13) | | | — | | | (0.28) | | Total | $ | 0.43 | | | $ | (10.93) | | | $ | 0.69 | | | $ | (11.33) | |
For the three months ended June 30, 2021, 480 thousand shares of unvested restricted stock and 96 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the six months ended June 30, 2021, 434 thousand shares of unvested restricted stock and 94 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the three and six months ended June 30, 2020, all unvested restricted stock and options outstanding were considered anti-dilutive and therefore excluded from the earnings per share calculation.
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