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Earnings Per Share
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share
15. Earnings Per Share
 
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 September 30,
 
Nine Months Ended September 30,
thousands except per share amounts
2020
 
2019
  
2020
 
2019
Net income (loss)
 
 
 
 
 
 
 
Net income (loss)
$
164,002

 
$
30,043

 
$
4,817

 
$
75,296

Net (income) loss attributable to noncontrolling interests
(24,292
)
 
(285
)
 
(24,325
)
 
(240
)
Net income (loss) attributable to common stockholders
$
139,710

 
$
29,758

 
$
(19,508
)
 
$
75,056

 
 
 
 
 
 
 
 
Shares
 

 
 

 
 

 
 

Weighted-average common shares outstanding - basic
55,542

 
43,134

 
51,493

 
43,118

Restricted stock and stock options
43

 
208

 
—

 
171

Warrants
—

 
86

 
—

 
86

Weighted-average common shares outstanding - diluted
55,585

 
43,428

 
51,493

 
43,375

 
 
 
 
 
 
 
 
Net income (loss) per common share
 
 
 
 
 
 
 
Basic income (loss) per share
$
2.52

 
$
0.69

 
$
(0.38
)
 
$
1.74

Diluted income (loss) per share
$
2.51

 
$
0.69

 
$
(0.38
)
 
$
1.73



The diluted EPS computation excludes 391,875 shares of stock awards for the three months ended September 30, 2020, and excludes 266,422 shares of stock awards for the nine months ended September 30, 2020, because their effect is anti-dilutive. In addition, for both periods, 252,037 shares of restricted stock were excluded because performance conditions provided for in the restricted stock awards have not been satisfied.

The diluted EPS computation excludes 351,908 shares of stock options for the three months ended September 30, 2019, and excludes 418,808 shares of stock options for the nine months ended September 30, 2019, because their effect is anti-dilutive. In addition, for both periods, 277,212 shares of restricted stock were excluded because performance conditions provided for in the restricted stock awards have not been satisfied.

Common Stock Offering 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 used the net proceeds for general corporate purposes including strengthening the Company’s balance sheet and enhancing liquidity.