Earnings per Share

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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 PRSUs have vested and outstanding Common Units and shares of Series A Preferred Stock held by Juniper as a Noncontrolling interest in the Partnership are exchanged for common shares, as applicable to the nine months ended September 30, 2021 (see Note 3). Accordingly, our reported net income (loss) attributable to common shareholders is adjusted to reflect the reallocation of the net income (loss) attributable to the Noncontrolling interest assuming exchange of the Common Units and Series A Preferred Stock held by Noncontrolling interest. See Note 14 for additional information related to our recapitalization of common stock and Series A Preferred Stock.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income (loss)	$	43,063	$	(243,413)	$	30,638	$	(175,034)
Net income attributable to Noncontrolling interest	(25,676)		—		(23,778)		—
Net income (loss) attributable to common shareholders (basic)	17,387		(243,413)		6,860		(175,034)
Reallocation of Noncontrolling interest net income	25,676		—		23,778		—
Net income (loss) attributable to common shareholders (diluted)	$	43,063	$	(243,413)	$	30,638	$	(175,034)

Weighted-average shares – basic	15,319		15,183		15,298		15,168
Effect of dilutive securities:
Common Units and Series A Preferred Stock that are exchangeable for common shares	—		—		—		—
RSUs and PRSUs	394		—		371		—
Weighted-average shares – diluted 1	15,713		15,183		15,669		15,168

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1 For the three and nine months ended September 30, 2021, approximately 22.5 million potentially dilutive securities represented by approximately 22.5 million Common Units (and the associated approximately 0.2 million shares of Series A Preferred Stock), had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share. For the three and nine months ended September 30, 2020, approximately 0.2 million and 0.1 million potentially dilutive securities, represented by RSUs and PRSUs, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share.