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(Loss) Income Per Common Share (Tables)
6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Computations of Basic and Diluted (Loss) Income 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

June 30,

 

 

 

Six Months Ended

June 30,

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

Net (loss) income, as reported

$

(79,836

)

 

$

69,550

 

 

$

(30,598

)

 

$

239,661

 

Participating earnings (a)

 

(69

)

 

 

(751

)

 

 

(126

)

 

 

(2,619

)

Basic net (loss) income attributed to common shareholders

 

(79,905

)

 

 

68,799

 

 

 

(30,724

)

 

 

237,042

 

Reallocation of participating earnings (a)

 

 

 

 

 

 

 

 

 

 

3

 

Diluted net (loss) income attributed to common shareholders

$

(79,905

)

 

$

68,799

 

 

$

(30,724

)

 

$

237,045

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.32

)

 

$

0.28

 

 

$

(0.13

)

 

$

0.97

 

Diluted

$

(0.32

)

 

$

0.28

 

 

$

(0.13

)

 

$

0.97

 

(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.

Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding

The following provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):

 

 

 

Three Months Ended

June 30,

 

 

 

Six Months Ended

June 30,

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

Weighted average common shares outstanding – basic

 

245,880

 

 

 

245,177

 

 

 

245,795

 

 

 

244,916

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director and employee PSUs and RSUs

 

 

 

 

158

 

 

 

 

 

 

326

 

Weighted average common shares outstanding – diluted

 

245,880

 

 

 

245,335

 

 

 

245,795

 

 

 

245,242