Earnings per Common Share

Basic earnings per share (EPS) is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS is similarly calculated except that the common shares outstanding for the period is increased using the treasury stock method to reflect the potential dilution that could occur if outstanding stock appreciation rights were exercised and stock awards were vested at the end of the applicable period. Anti-dilutive shares represent potentially dilutive securities that are excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive.

The following is a calculation of basic and diluted weighted-average shares outstanding:



	Year Ended December 31,
(In thousands)	2018	2017	2016
Weighted-average shares - basic	445,538	463,735	456,847
Dilution effect of stock appreciation rights and stock awards at end of period	2,030	1,816	—
Weighted-average shares - diluted	447,568	465,551	456,847

The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect:



	Year Ended December 31,
(In thousands)	2018	2017	2016
Weighted-average stock appreciation rights and stock awards excluded from diluted EPS due to the anti-dilutive effect due to net loss	—	—	1,478
Weighted-average stock appreciation rights and stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method	3	28	1
Weighted-average stock appreciation rights and stock awards excluded from diluted EPS due to the anti-dilutive effect	3	28	1,479