Earnings Per Share

6 Months Ended

Jun. 30, 2020

Basic earnings (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings per share includes the potential dilutive impact of non-vested restricted shares outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. For the three and six months ended June 30, 2020, the Company reported a loss available to common stockholders. As a result, the calculation of diluted weighted average common shares outstanding excluded the anti-dilutive effect of 9.1 million and 9.2 million potentially dilutive common shares outstanding for the three and six months ended June 30, 2020, respectively. The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
	(In thousands, except per share amounts)
Net income (loss)	($1,564,731)	$55,180	($1,348,166)	$35,637
Preferred stock dividends ⁽¹⁾	—	(1,823)	—	(3,647)
Income (loss) available to common stockholders	($1,564,731)	$53,357	($1,348,166)	$31,990

Basic weighted average common shares outstanding	397,084	228,051	396,884	227,917
Dilutive impact of restricted stock	—	360	—	682
Diluted weighted average common shares outstanding	397,084	228,411	396,884	228,599

Income (Loss) Available to Common Stockholders Per Common Share
Basic	($3.94)	$0.23	($3.40)	$0.14
Diluted	($3.94)	$0.23	($3.40)	$0.14

Restricted stock ⁽²⁾	9,066	641	9,169	498

(1) The Company redeemed all outstanding shares of its 10% Series A Cumulative Preferred Stock (“Preferred Stock”) on July 18, 2019 and all dividends ceased to accrue upon redemption.

(2) Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.