Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 8 — Earnings Per Share

We have shares of restricted stock issued and outstanding that are currently unvested. Because holders of shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our unrestricted common stock, we are required to compute basic and diluted EPS under the two-class method in periods in which we have earnings. Under the two-class method, net income or loss attributable to common shareholders for each period is allocated based on the participation rights of both common shareholders and the holders of any participating securities as if earnings for the respective periods had been distributed. For periods in which we have a net loss we do not use the two-class method as holders of our restricted shares are not obligated to share in such losses.

Basic EPS is computed by dividing net income or loss available to common shareholders by the weighted average shares of our common stock outstanding. The calculation of diluted EPS is similar to that for basic EPS, except that the denominator includes dilutive common stock equivalents and the numerator excludes the effects of dilutive common stock equivalents, if any. The computations of the numerator (income) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands):

	Three Months Ended			Three Months Ended
	September 30, 2021			September 30, 2020
	Income		Shares	Income		Shares
Basic:
Net income (loss) attributable to common shareholders	$	(19,043)		$	24,499
Less: Undistributed earnings allocated to participating securities		—			(180)
Accretion of redeemable noncontrolling interests		—			(128)
Net income (loss) available to common shareholders, basic	$	(19,043)	150,088	$	24,191	149,032
Diluted:
Net income (loss) available to common shareholders, basic	$	(19,043)	150,088	$	24,191	149,032
Effect of dilutive securities:
Share-based awards other than participating securities		—	—		—	919
Undistributed earnings reallocated to participating securities		—	—		2	—
Net income (loss) available to common shareholders, diluted	$	(19,043)	150,088	$	24,193	149,951

	Nine Months Ended			Nine Months Ended
	September 30, 2021			September 30, 2020
	Income			Income		Shares
Basic:
Net income (loss) attributable to common shareholders	$	(35,630)		$	18,011
Less: Undistributed earnings allocated to participating securities		—			(117)
Less: Accretion of redeemable noncontrolling interests		(241)			(2,283)
Net income (loss) available to common shareholders, basic	$	(35,871)	150,018	$	15,611	148,956
Diluted:
Net income (loss) available to common shareholders, basic	$	(35,871)	150,018	$	15,611	148,956
Effect of dilutive securities:
Share-based awards other than participating securities		—	—		—	868
Undistributed earnings reallocated to participating securities		—	—		1	—
Net income (loss) available to common shareholders, diluted	$	(35,871)	150,018	$	15,612	149,824

We had net losses for the three- and nine-month periods ended September 30, 2021. Accordingly, our diluted EPS calculation for these periods excluded any assumed exercise or conversion of common stock equivalents. These common stock equivalents were excluded because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable periods. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands):

	Three Months Ended	Nine Months Ended
	September 30,	September 30,
	2021	2021
Diluted shares (as reported)	150,088	150,018
Share-based awards	1,384	1,306
Total	151,472	151,324

The following potentially dilutive shares related to the 2022 Notes, the 2023 Notes and the 2026 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands):

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2021	2020	2021	2020
2022 Notes	2,519	5,688	2,519	7,886
2023 Notes	3,168	8,076	3,168	11,481
2026 Notes	28,676	14,650	28,676	4,919