Earnings per Common Share

9 Months Ended

Sep. 30, 2021

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 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:


	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands)	2021	2020	2021	2020
Weighted-average shares - basic	399,664	398,580	399,459	398,500
Dilution effect of stock awards at end of period	3,074	—	2,464	2,128
Weighted-average shares - diluted	402,738	398,580	401,923	400,628

The following table presents weighted-average shares excluded from diluted EPS due to the anti-dilutive effect:


	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands)	2021	2020	2021	2020
Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect due to net loss	—	3,009	—	—
Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method	—	—	914	51
	—	3,009	914	51