Net income (loss) per common share

12 Months Ended

Dec. 31, 2019



Note 11	Net income (loss) per common share

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards, non-vested performance share awards and the non-vested outperformance share award. See Note 8.b for additional discussion of these awards. For the year ended December 31, 2019, all of these awards were anti-dilutive due to the Company's net loss and, therefore, were excluded from the calculation of diluted net loss per common share. The dilutive effects of these awards were calculated utilizing the treasury stock method for the years ended December 31, 2018 and 2017.

The following table reflects the calculations of basic and diluted (i) weighted-average common shares outstanding and (ii) net income (loss) per common share for the periods presented:



	Years ended December 31,
(in thousands, except for per share data)	2019			2018		2017
Net income (loss) (numerator)	$	(342,459	)	$	324,595	$	548,974
Weighted-average common shares outstanding (denominator):
Basic⁽¹⁾	231,295			232,339		239,096
Dilutive non-vested restricted stock awards	—			813		880
Dilutive outstanding stock option awards	—			20		122
Dilutive non-vested performance share awards	—			—		24
Diluted	231,295			233,172		240,122
Net income (loss) per common share:
Basic	$	(1.48	)	$	1.40	$	2.30
Diluted	$	(1.48	)	$	1.39	$	2.29

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(1)

Weighted-average common shares outstanding used in the computation of basic and diluted net income (loss) per common share was computed taking into account share repurchases that occurred during the year ended December 31, 2018. See Note 8.a for additional discussion of the Company's share repurchase program.