Earnings per Share

3 Months Ended

Mar. 31, 2021

Basic net earnings (loss) per share is calculated by dividing the net income (loss) available to common shareholders (excluding net income or loss attributable to Noncontrolling interest, as applicable to the three months ended March 31, 2021; see Note 3) by the weighted average common shares outstanding for the period.

In computing diluted earnings (loss) per share, basic net earnings (loss) per share is adjusted based on the assumption that dilutive RSUs and PBRSUs have vested and outstanding Common Units and shares of Series A Preferred Stock held by Juniper as a Noncontrolling interest are exchanged for common shares, as applicable to the three months ended March 31, 2021 (see Note 3).

The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings per share for the periods presented:


	Three Months Ended March 31,
		2021		2020
Net income (loss)		$	(20,021)	$	163,094
Net income (loss) attributable to Noncontrolling interest		6,449		—
Net income (loss) attributable to common shareholders - basic		(13,572)		163,094
Reallocation of Noncontrolling interest assuming exchange of Common Units and
Series A Preferred Stock held by Noncontrolling interest		(6,449)		—
Net income (loss) attributable to common shareholders - diluted		$	(20,021)	$	163,094

Weighted-average shares – basic		15,263		15,152
Effect of dilutive securities:
Common Units and Series A Preferred Stock that are exchangeable for common shares		—		—
RSUs and PRSUs		—		8
Weighted-average shares – diluted 1		15,263		15,160

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1 For the three months ended March 31, 2021, approximately 22.7 million potentially dilutive securities represented by approximately 22.5 million Common Units and 0.2 million shares of Series A Preferred Stock as well as 0.2 million of RSUs and PRSUs, respectively, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share.