Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Income (Loss) Per Common Share

(7) INCOME (LOSS) PER COMMON SHARE

Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common shareholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following sets forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands, except per share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Net loss, as reported	$	(350,267	)	$	(748,790	)	$	(479,588	)	$	(750,178	)
Participating earnings (a)		—			—			—			—
Basic net loss attributed to common shareholders		(350,267	)		(748,790	)		(479,588	)		(750,178	)
Reallocation of participating earnings (a)		—			—			—			—
Diluted net loss attributed to common    shareholders	$	(350,267	)	$	(748,790	)	$	(479,588	)	$	(750,178	)
Net loss per common share:
Basic	$	(1.44	)	$	(3.12	)	$	(1.98	)	$	(3.10	)
Diluted	$	(1.44	)	$	(3.12	)	$	(1.98	)	$	(3.10	)

(a) Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Weighted average common shares outstanding – basic and diluted		243,311		239,895		242,692		241,770

Weighted average common shares outstanding-basic for third quarter 2021 excludes 6.5 million shares of restricted stock held in our deferred compensation plan compared to 6.2 million shares in third quarter 2020 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding-basic for first nine months 2021 excludes 6.6 million shares of restricted stock compared to 5.3 million for first nine months 2020. Due to our net loss for third quarter and first nine months 2021 and 2020, we excluded all equity-grants from the computation of diluted loss per share because the effect would have been anti-dilutive to the computations.