Earnings Per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
thousands except per share amounts	2021		2020		2021		2020
Net income (loss)
Net income (loss)	$	2,117	$	164,002	$	(62,425)	$	4,817
Net (income) loss attributable to noncontrolling interests	1,936		(24,292)		4,725		(24,325)
Net income (loss) attributable to common stockholders	$	4,053	$	139,710	$	(57,700)	$	(19,508)

Shares
Weighted-average common shares outstanding - basic	55,727		55,542		55,703		51,493
Restricted stock and stock options	29		43		—		—

Weighted-average common shares outstanding - diluted	55,756		55,585		55,703		51,493

Net income (loss) per common share
Basic income (loss) per share	$	0.07	$	2.52	$	(1.04)	$	(0.38)
Diluted income (loss) per share	$	0.07	$	2.51	$	(1.04)	$	(0.38)

For the three months ended September 30, 2021, the diluted EPS computation excludes 267,987 shares of stock options and 348,486 shares of restricted stock because their effect is anti-dilutive. For the nine months ended September 30, 2021, the diluted EPS computation excludes 286,487 shares of stock options and 465,574 shares of restricted stock because their effect is anti-dilutive.

For the three months ended September 30, 2020, the diluted EPS computation excludes 391,875 shares of stock options and 363,683 shares of restricted stock because their effect is anti-dilutive. For the nine months ended September 30, 2020, the diluted EPS computation excludes 398,650 shares of stock options and 428,172 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 $593.6 million in net proceeds. The Company used the net proceeds for general corporate purposes including strengthening the Company’s balance sheet and enhancing liquidity.