Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Note 4. Earnings (Loss) Per Share

Basic and diluted earnings (loss) per share is as follows (in thousands, except per share data):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net Income (Loss) for basic and diluted loss per share	$	32,968	$	(1,424,554)	$	(1,655,756)	$	(3,903,531)
Weighted-average common shares outstanding	255,071		254,713		254,953		250,808
Dilutive effect of stock-based awards	307		—		—		—
Diluted weighted-average shares outstanding	255,378		254,713		254,953		250,808
Basic earnings (loss) per share	$	0.13	$	(5.59)	$	(6.49)	$	(15.56)
Diluted earnings (loss) per share	$	0.13	$	(5.59)	$	(6.49)	$	(15.56)

Basic earnings (loss) per share is computed by dividing Net Income (Loss) by the weighted-average number of common stock outstanding during each period. Diluted earnings (loss) per share incorporates the incremental shares issuable upon the assumed exercise of stock options and conversion of potentially dilutive securities. If we have a net loss for the period, all potential common shares will be considered antidilutive, resulting in the same basic and diluted net loss per share amounts for those periods. There were approximately 30,532,145 and 31,085,736 antidilutive shares for the quarter and nine months ended September 30, 2022, respectively, compared to 339,835 and 433,705 for the quarter and nine months ended September 30, 2021, respectively.

Effective January 1, 2022, ASU 2020-06 eliminated the treasury stock method and instead required the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share when the instruments may be settled in cash or shares. Under the if-converted method, shares related to our convertible notes, to the extent dilutive, are assumed to be converted into common stock at the beginning of the reporting period. The required use of the if-converted method for our convertible notes did not impact our diluted net earnings (loss) per share for the quarter and nine months ended September 30, 2022 as the if-converted calculation was antidilutive for these periods. For further information regarding the adoption of ASU 2020-06, refer to Note 2. Summary of Significant Accounting Policies.