Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 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 1.3 million and 1.0 million potentially dilutive common shares outstanding for the three and nine months ended September 30, 2020, respectively. The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
	(In thousands, except per share amounts)
Net income (loss)	($680,384)	$55,834	($2,028,550)	$91,471
Preferred stock dividends (1)	—	(350)	—	(3,997)
Loss on redemption of preferred stock	—	(8,304)	—	(8,304)
Income (loss) available to common stockholders	($680,384)	$47,180	($2,028,550)	$79,170

Basic weighted average common shares outstanding (2)	39,746	22,831	39,707	22,805
Dilutive impact of restricted stock (2)	—	15	—	36
Diluted weighted average common shares outstanding (2)	39,746	22,846	39,707	22,841

Income (Loss) Available to Common Stockholders Per Common Share (2)
Basic	($17.12)	$2.07	($51.09)	$3.47
Diluted	($17.12)	$2.07	($51.09)	$3.47

Restricted stock (2)(3)	1,263	249	1,014	191

(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 and per share data have been retroactively adjusted to reflect the Company’s 1-for-10 reverse stock split effective August 7, 2020. See “Note 11 - Stockholders’ Equity” for additional information.

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