EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 June 30,					Six Months Ended June 30,
(In thousands, except per share amounts)	2020			2019		2020			2019
Basic EPS:
Numerator:
Net (loss) income	$	(34,103	)	$	13,328	$	(159,185	)	$	45,253
Net loss (income) attributable to noncontrolling interests	19			149		(33		)	45
Net (loss) income attributable to common stockholders	$	(34,084	)	$	13,477	$	(159,218	)	$	45,298

Denominator:
Weighted-average basic common shares outstanding	55,530			43,113		49,455			43,109

Diluted EPS:
Numerator:
Net (loss) income attributable to common stockholders	$	(34,084	)	$	13,477	$	(159,218	)	$	45,298

Denominator:
Weighted-average basic common shares outstanding	55,530			43,113		49,455			43,109
Restricted stock and stock options	—			158		—			154
Weighted-average diluted common shares outstanding (a)	55,530			43,271		49,455			43,263

Basic (loss) income per share:	$	(0.61	)	$	0.31	$	(3.22	)	$	1.05

Diluted (loss) income per share:	$	(0.61	)	$	0.31	$	(3.22	)	$	1.05

(a)

The diluted EPS computation for the three and six months ended June 30, 2020, excludes 513,750 and 386,522 shares of stock awards because their effect is anti-dilutive and 262,369 shares of restricted stock, because performance conditions provided for in the restricted stock awards have not been satisfied. The diluted EPS computation for the three and six months ended June 30, 2019, excludes 569,408 shares of stock options because their inclusion would have been anti-dilutive and 278,379 shares of restricted stock, 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 exercised most of their option and purchased an additional 270,900 shares. Concurrently, the Company entered into a share purchase agreement with a related party, 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.