EARNINGS PER COMMON SHARE ("EPS")

3 Months Ended

Mar. 31, 2021

EARNINGS PER COMMON SHARE ("EPS")

EARNINGS PER COMMON SHARE ("EPS")

5.EARNINGS PER COMMON SHARE ("EPS")

Basic EPS is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into Common Stock, and if all likely aggregate Long-term Incentive Plan ("LTIP") and Sales Incentive Plan ("SIP") shares are issued, when there are outstanding shares. In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested restricted stock award ("RSA") shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested RSA and SIP shares not yet awarded are recognized as a special class of

participating securities under ASC 260, and are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.

The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:

	Three Months Ended
	March 31,
(In thousands except share and per share amounts)	2021		2020
Net (loss) income available to common stockholders	$	(22,855)	$	8,392
Less: Dividends paid and earnings allocated to participating securities		165		(67)
(Loss) income attributable to common stock	$	(22,690)	$	8,325
Weighted average common shares outstanding, including participating securities		34,543,114		22,551,358
Less: weighted average participating securities		(282,176)		(174,386)
Weighted average common shares outstanding		34,260,938		22,376,972
Basic EPS	$	(0.66)	$	0.37
(Loss) income attributable to common stock	$	(22,690)	$	8,325
Weighted average common shares outstanding		34,260,938		22,376,972
Weighted average common equivalent shares outstanding		1,067		99,600
Weighted average common and equivalent shares outstanding		34,262,005		22,476,572
Diluted EPS	$	(0.66)	$	0.37

Common and equivalent shares resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period.

There were 180,020 weighted-average stock options outstanding for the three-month period ended March 31, 2021, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period. There were no "out-of-the-money" stock options during the three-month period ended March 31, 2020.

For information about the calculation of expected aggregate LTIP and SIP share payouts, see Note 16.