Earnings Per Share

3 Months Ended

Mar. 31, 2024

14. Earnings Per Share

We provide a dual presentation of our net income (loss) per common share in our unaudited condensed consolidated statements of operations: basic net income (loss) per common share (“Basic EPS”) and diluted net income (loss) per common share (“Diluted EPS”).

Basic EPS excludes dilution and is determined by dividing the earnings attributable to common stockholders by the weighted average number of common shares outstanding during the period.

Diluted EPS is based on the weighted average number of common shares outstanding plus the dilutive effect of potential common shares, including stock options and non-vested performance units and non-vested restricted stock units. The dilutive effect of stock options, non-vested performance units and non-vested restricted stock units is determined using the treasury stock method.

The following table presents information necessary to calculate net income per share for the three months ended March 31, 2024 and 2023 as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts):


	Three Months Ended March 31,
	2024		2023
BASIC EPS:
Net income attributable to common stockholders	$	51,235	$	99,678
Weighted average number of common shares outstanding, excluding non-vested restricted stock units	408,182		212,089
Basic net income per common share	$	0.13	$	0.47

DILUTED EPS:
Net income attributable to common stockholders	$	51,235	$	99,678
Weighted average number of common shares outstanding, excluding non-vested restricted stock units	409,819		215,866
Diluted net income per common share	$	0.13	$	0.46
Potentially dilutive securities excluded as anti-dilutive	2,673		2,905