NET INCOME (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2021

Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period, including vested shares deferred under our non-qualified deferred compensation plan. Diluted earnings per share is determined based on the weighted average number of common shares outstanding during the period combined with the incremental average common shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible. The calculation of basic and diluted net income (loss) per share is determined using net income (loss) applicable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts). Due to the net loss applicable to common stockholders for the nine months ended September 30, 2020, no securities had a dilutive impact for this period.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Basic net income (loss) per share:
Net income (loss) applicable to common stockholders	$	11,008	$	3,887	$	26,477	$	(102,906)
Weighted average common shares outstanding	49,974		52,912		51,116		52,980
Basic net income (loss) per share	$	0.22	$	0.07	$	0.52	$	(1.94)

Diluted net income (loss) per share:
Net income (loss) applicable to common stockholders	$	11,008	$	3,887	$	26,477	$	(102,906)

Weighted average common shares outstanding	49,974		52,912		51,116		52,980
Dilutive stock options and restricted stock	607		468		669		—
Diluted weighted average common shares outstanding	50,581		53,380		51,785		52,980
Diluted net income (loss) per share	$	0.22	$	0.07	$	0.51	$	(1.94)