(Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2020

A reconciliation between basic and diluted (loss) earnings per share is as follows (in thousands, except per share data):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net (Loss) Income attributable to Royal Caribbean Cruises Ltd. for basic and diluted earnings per share	$	(1,346,756)	$	883,240	(4,430,527)		1,605,751
Weighted-average common shares outstanding	214,163		209,575		210,894		209,477
Dilutive effect of stock-based awards	—		546		—		555
Diluted weighted-average shares outstanding	214,163		210,121		210,894		210,032
Basic (loss) earnings per share	$	(6.29)	$	4.21	$	(21.01)	$	7.67
Diluted (loss) earnings per share	$	(6.29)	$	4.20	$	(21.01)	$	7.65

There were approximately 192,981 and 265,606 antidilutive shares for the quarter and nine month ended September 30, 2020, respectively. There were no antidilutive shares for the quarter and nine month ended September 30, 2019.

Since the Company expects to settle in cash the principal outstanding under the 4.25% convertible notes that mature in 2023, we currently use the treasury stock method when calculating their potential dilutive effect, if any. While no shares of the convertible notes are currently convertible, they would be anti-dilutive for the three and nine months ended September 30, 2020.