Earnings Per Share

6 Months Ended

Jun. 30, 2020

(5) Earnings Per Share

Basic earnings per share (“Basic EPS”) has been computed using the weighted-average number of common shares outstanding during each period. Diluted earnings per share (“Diluted EPS”) assumes, as of the beginning of the period, exercise of stock options and RSU grants using the treasury stock method. Diluted EPS also assumes conversion of PSUs to common shares based on the number of shares (if any) that would be issuable, according to predetermined performance and market

goals, if the end of the reporting period was the end of the performance period. Certain of our stock options and RSU grants that would potentially dilute Basic EPS in the future were also antidilutive for the three months ended June 30, 2020 and 2019 are discussed below.

The following is a reconciliation of the numerators and denominators used in the calculation of Basic EPS and Diluted EPS for the periods indicated below (in thousands, except per share amounts):


	Three Months Ended June 30, 2020								Three Months Ended June 30, 2019
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	(305,976)	11,910	$	(25.69)	$	64,704	11,746	$	5.51
Dilutive Securities:

RSU Awards			—					34

Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	(305,976)	11,910	$	(25.69)	$	64,704	11,780	$	5.49


	Six Months Ended June 30, 2020								Six Months Ended June 30, 2019
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	(311,834)	11,868	$	(26.28)	$	80,757	11,727	$	6.89
Dilutive Securities:

RSU Awards			—					59

Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	(311,834)	11,868	$	(26.28)	$	80,757	11,786	$	6.85

Approximately 0.3 million stock options to purchase shares were not included in the computation of Diluted EPS for the three months ended June 30, 2020 because they were antidilutive due to the net loss and 0.5 million stock options to purchase shares were not included in the computation of Diluted EPS for the three months ended June 30, 2019 because they were antidilutive, while 0.3 million stock options to purchase shares were not included for the six months ended June 30, 2020 because they were antidilutive due to the net loss and 0.6 million stock options to purchase shares were not included in the computation of Diluted EPS for the six months ended June 30, 2019 because they were antidilutive.

Approximately 0.2 million of RSUs that could be converted to common shares were not included in the computation of Diluted EPS for the three months ended June 30, 2020 because they were antidilutive due to the net loss and 0.2 million of RSUs that could be converted to common shares were not included in the computation of Diluted EPS for the three months ended June 30, 2019, because they were antidilutive, while 0.2 million of RSUs that could be converted to common shares were not included in the computation of Diluted EPS for the six months ended June 30, 2020 because they were antidilutive due to the net loss and approximately 0.1 million of RSUs that could be converted to common shares were not included in the computation of Diluted EPS for the six months ended June 30, 2019 because they were antidilutive.

Approximately 0.1 million shares of PSUs that could be converted to common shares were not included in the computation of Diluted EPS for the three months ended June 30, 2020 because they were antidilutive due to the net loss and approximately 0.1 million shares of PSUs were not included for the three months ended June 30, 2019 because they were antidilutive, while 0.1 million shares of PSUs were not included for the six months ended June 30, 2020 because they were antidilutive due to the net loss and approximately 0.1 million shares of PSUs were not included for the six months ended June 30, 2019 because they were antidilutive.

Approximately 2.1 million warrants to purchase common stock were not included in the computation of Diluted EPS for the three and six months ended June 30, 2019 because these warrants were antidilutive. There were no warrants to purchase common stock for the three and six months ended June 30, 2020 as the warrants expired.