Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

3. EARNINGS (LOSS) PER SHARE

Earnings (loss) per share is computed as follows:

	For the Three Months Ended September 30,
	2021						2020
	Net Income		Shares		Per Share Amount		Net Loss			Shares		Per Share Amount
	(In thousands, except per share amounts)
Basic earnings (loss) per share	$	102,097		78,962	$	1.29	$	(79,237	)		78,154	$	(1.01	)
Effect of dilutive incentive-based awards				988							—
Diluted earnings (loss) per share	$	102,097		79,950	$	1.28	$	(79,237	)		78,154	$	(1.01	)

	For the Nine Months Ended September 30,
	2021						2020
	Net Income		Shares		Per Share Amount		Net Loss			Shares		Per Share Amount
	(In thousands, except per share amounts)
Basic earnings (loss) per share	$	184,975		78,804	$	2.35	$	(266,785	)		78,153	$	(3.41	)
Effect of dilutive incentive-based awards				1,261							—
Diluted earnings (loss) per share	$	184,975		80,065	$	2.31	$	(266,785	)		78,153	$	(3.41	)

In accordance with the Earnings Per Share Topic of the ASC, basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period (excluding treasury stock and unvested restricted stock awards). Unvested restricted stock awards are eligible to receive dividends, if any; however, dividend rights will be forfeited if the award does not vest. Accordingly, only vested shares of formerly restricted stock are included in the calculation of basic earnings (loss) per share. The weighted average number of repurchased shares during the period, if any, which are held as treasury stock, are excluded from shares of common stock outstanding.

Diluted earnings (loss) per share is determined using the treasury stock method based on the dilutive effect of unvested restricted stock and certain shares of common stock that are issuable upon exercise of stock options. During the three and nine months ended September 30, 2021, there were approximately 178,000 and 143,000 anti-dilutive shares excluded from the computation of diluted earnings per share, respectively. During the three and nine months ended September 30, 2020, there were approximately 2,533,000 and 2,195,000 potentially dilutive shares excluded from the computation of diluted loss per share, respectively, as their effect would have been anti-dilutive due to the Company’s net loss in those periods. The Company’s outstanding performance-vesting restricted awards of approximately 1,100,000 and 1,452,000 as of September 30, 2021 and 2020, respectively, are considered contingently issuable shares and are excluded from the calculation of diluted earnings (loss) per share until the performance measure criteria is met as of the end of the reporting period.