Income (Loss) Per Common Share

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
		2019			2018			2019			2018
Net (loss) income, as reported	$	(27,581	)	$	48,539		$	89,023		$	17,941
Participating earnings (a)		(67	)		(590	)		(1,105	)		(224	)
Basic net (loss) income attributed to common shareholders		(27,648	)		47,949			87,918			17,717
Reallocation of participating earnings (a)		—			2			3			—
Diluted net (loss) income attributed to common shareholders	$	(27,648	)	$	47,951		$	87,921		$	17,717
Net (loss) income per common share:
Basic	$	(0.11	)	$	0.19		$	0.35		$	0.07
Diluted	$	(0.11	)	$	0.19		$	0.35		$	0.07

^(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 September 30,		Nine Months Ended September 30,
	2019	2018		2019	2018
Weighted average common shares outstanding – basic	248,082	246,451		247,878	246,016
Effect of dilutive securities:
Director and employee restricted stock and performance based equity awards	—	715		945	863
Weighted average common shares outstanding – diluted	248,082	247,166		248,823	246,879

Weighted average common shares outstanding-basic for third quarter 2019 excludes 3.3 million shares of restricted stock held in our deferred compensation plan compared to 3.0 million shares in third quarter 2018 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding-basic for both the first nine months 2019 and 2018 excludes 3.1 million shares of restricted stock. Due to our net loss in third quarter 2019, 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. For first nine months 2019, equity grants of 1.6 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 computation. For third quarter 2018, equity grants of 506,000 and for first nine months 2018, equity grants of 755,000 were outstanding but not included in the computations because the effect would have been anti-dilutive.