Earnings per Share

6 Months Ended

Jun. 30, 2022

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 Warrants, all of which were measured using the treasury stock method. The Warrants became exercisable at the election of the holders on January 15, 2021, and as a result, they were included as potentially dilutive securities on an adjusted weighted-average basis for the portion of the three and six months ended June 30, 2021, for which they were outstanding. The remaining outstanding warrants were dilutive during the three and six months ended June 30, 2022, as presented below. Please refer to Note 3 - Equity and Note 7 - Compensation Plans in this report, and Note 9 - Earnings Per Share in the 2021 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 number of anti-dilutive securities for the periods presented:


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2022	2021	2022	2021

	(in thousands)
Anti-dilutive	—	5,178	—	6,744

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021

	(in thousands, except per share data)
Net income (loss)	$	323,485	$	(222,995)	$	372,249	$	(474,264)

Basic weighted-average common shares outstanding	121,910		118,357		121,909		116,568
Dilutive effect of non-vested RSUs and contingent PSUs	2,414		—		2,339		—
Dilutive effect of Warrants	19		—		19		—
Diluted weighted-average common shares outstanding	124,343		118,357		124,267		116,568

Basic net income (loss) per common share	$	2.65	$	(1.88)	$	3.05	$	(4.07)
Diluted net income (loss) per common share	$	2.60	$	(1.88)	$	3.00	$	(4.07)