Earnings Per Share

3 Months Ended

Mar. 31, 2021


13. 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 March 31,
thousands except per share amounts		2021		2020
Net income (loss)
Net income (loss)		$	(68,159)	$	(125,082)
Net (income) loss attributable to noncontrolling interests		1,565		(52)
Net income (loss) attributable to common stockholders		$	(66,594)	$	(125,134)

Shares
Weighted-average common shares outstanding - basic		55,678		43,380


Weighted-average common shares outstanding - diluted		55,678		43,380

Net income (loss) per common share
Basic income (loss) per share		$	(1.20)	$	(2.88)
Diluted income (loss) per share		$	(1.20)	$	(2.88)

For the three months ended March 31, 2021, the diluted EPS computation excludes 296,012 shares of stock options and 486,164 shares of restricted stock because their effect is anti-dilutive. For the three months ended March 31, 2020, the diluted EPS computation excludes 560,938 shares of stock options and 464,216 shares of restricted stock because their effect is anti-dilutive.

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.