EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

EARNINGS PER SHARE

EARNINGS PER SHARE

4.    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 shows 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)	2022		2021		2022		2021
Net income (loss) available for stockholders:	$	69,340	$	5,266	$	131,358	$	(5,122)
Less: Adjustments for earnings attributable to participating securities		(1,041)		(65)		(1,910)		—
Net income (loss) used in calculating earnings per share	$	68,299	$	5,201	$	129,448	$	(5,122)
Weighted average shares outstanding (including participating securities)		216,647		215,677		216,485		215,648
Adjustment for participating securities		(3,288)		(2,649)		(3,163)		(2,665)
Shares used in calculating basic and diluted earnings per share		213,359		213,028		213,322		212,983