Earnings per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings per Share

Note 9 - Earnings Per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist primarily of non-vested RSUs, contingent PSUs, and shares into which the Senior Convertible Notes are convertible, which are measured using the treasury stock method. Shares of the Company’s common stock traded at an average closing price below the $40.50 conversion price for the three months ended March 31, 2020, and 2019, therefore, the Senior Convertible Notes had no dilutive impact. Please refer to Note 9 - Earnings Per Share in the 2019 Form 10-K for additional detail on these potentially dilutive securities.

When the Company recognizes a net loss from continuing operations, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted net loss per common share. The following table details the weighted-average anti-dilutive securities for the periods presented:

	For the Three Months Ended March 31,
	2020	2019
	(in thousands)
Anti-dilutive	1,219	781

The following table sets forth the calculations of basic and diluted net loss per common share:

	For the Three Months Ended March 31,
	2020			2019
	(in thousands, except per share data)
Net loss	$	(411,895	)	$	(177,568	)
Basic weighted-average common shares outstanding	113,009			112,252
Dilutive effect of non-vested RSUs and contingent PSUs	—			—
Diluted weighted-average common shares outstanding	113,009			112,252
Basic net loss per common share	$	(3.64	)	$	(1.58	)
Diluted net loss per common share	$	(3.64	)	$	(1.58	)