EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2019

EARNINGS PER SHARE

EARNINGS PER SHARE

5.    EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. The following table reflects the

restricted shares of common stock (participating securities) outstanding and a reconciliation of outstanding weighted average shares:

	Three months ended				Nine months ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
Net (loss) income available for stockholders:	$	(69,181)	$	49,967	$	(63,749)	$	162,040
Less: Adjustments for earnings attributable to participating securities		—		(528)		(334)		(1,791)
Net (loss) income used in calculating earnings per share	$	(69,181)	$	49,439	$	(64,083)	$	160,249
Weighted average shares outstanding (including participating securities)		214,521		214,807		214,823		215,362
Adjustment for participating securities		(2,496)		(2,392)		(2,538)		(2,482)
Shares used in calculating basic and diluted earnings per share		212,025		212,415		212,285		212,880