EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2020

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted‑average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and non-vested stock issued under stock‑based compensation plans is computed using the treasury stock method. The dilutive effect of the warrants is computed using the if‑converted method.

Information related to the Company’s EPS calculations is summarized as follows:



	Three Months Ended March 31,
(In thousands, except per share amounts)	2020			2019
Basic EPS:
Numerator:
Net (loss) income	$	(125,082	)	$	31,925
Net income attributable to noncontrolling interests	(52		)	(104		)
Net (loss) income attributable to common stockholders	$	(125,134	)	$	31,821

Denominator:
Weighted-average basic common shares outstanding	43,380			43,106

Diluted EPS:
Numerator:
Net (loss) income attributable to common stockholders	$	(125,134	)	$	31,821

Denominator:
Weighted-average basic common shares outstanding	43,380			43,106
Restricted stock and stock options	—			151
Weighted-average diluted common shares outstanding (a)	43,380			43,257

Basic (loss) income per share:	$	(2.88	)	$	0.74

Diluted (loss) income per share:	$	(2.88	)	$	0.74

(a)

The diluted EPS computation for the three months ended March 31, 2020, excludes outstanding stock awards because their effect is anti-dilutive. The diluted EPS computation for the three months ended March 31, 2019, excludes 563,808 shares of stock options because their inclusion would have been anti-dilutive. The diluted EPS computation for the three months ended March 31, 2020, and 2019 excludes 265,699 and 288,010 shares of restricted stock, respectively, because performance conditions provided for in the restricted stock awards have not been satisfied.

On March 27, 2020, the Company offered 2,000,000 shares of common stock to the public at $50.00 per share and granted the underwriters an option to purchase up to an additional 300,000 shares of common stock at the same price. The underwriters partially exercised their option and purchased an additional 270,900 shares. Concurrently, the Company entered into a share purchase agreement with Pershing Square Capital Management, L.P., acting as investment advisor to funds that it manages, to issue and sell 10,000,000 shares of common stock in a private placement at $50.00 per share. The total issuance of 12,270,900 shares closed on March 31, 2020, and the Company received $593.7 million in net proceeds. The Company intends to use the net proceeds for general corporate purposes including strengthening the Company’s balance sheet and enhancing liquidity.