Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2019

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 June 30,						Six Months Ended June 30,
		2019			2018			2019			2018
Net income (loss), as reported	$	115,185		$	(79,836	)	$	116,604		$	(30,598	)
Participating earnings (a)		(1,592	)		(69	)		(1,400	)		(126	)
Basic net income (loss) attributed to common shareholders		113,593			(79,905	)		115,204			(30,724	)
Reallocation of participating earnings (a)		4			—			6			—
Diluted net income (loss) attributed to common shareholders	$	113,597		$	(79,905	)	$	115,210		$	(30,724	)
Net loss per common share:
Basic	$	0.46		$	(0.32	)	$	0.46		$	(0.13	)
Diluted	$	0.46		$	(0.32	)	$	0.46		$	(0.13	)

^(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 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,
	2019	2018		2019	2018
Weighted average common shares outstanding – basic	247,770	245,880		247,773	245,795
Effect of dilutive securities:
Director and employee restricted stock and performance based equity awards	666	—		1,269	—
Weighted average common shares outstanding – diluted	248,436	245,880		249,042	245,795

Weighted average common shares outstanding-basic for second quarter 2019 excludes 3.5 million shares of restricted stock held in our deferred compensation plan compared to 3.4 million shares in second quarter 2018 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding-basic for first six months 2019 excludes 3.0 million shares of restricted stock compared to 3.2 million for first six months 2018.  For second quarter 2019, equity grants of 1.7 million were outstanding but not included in the computation of diluted net income per share because the grant prices were greater than the average market price of our common shares and would be anti-dilutive to the computations. For first six months 2019, equity grants of 1.6 million were outstanding but not included in the computations. Due to our net loss in the second quarter and first six months of 2018, all outstanding equity grants have been excluded from the computation of diluted net loss per share because the effect would have been anti-dilutive to the computations.