Earnings Per Share

9 Months Ended

Sep. 30, 2021

Basic earnings (loss) per share is computed by dividing net income (loss) 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 and unexercised warrants 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 net loss. As a result, the calculation of diluted weighted average common shares outstanding excluded all potentially dilutive common shares outstanding.

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
	(In thousands, except per share amounts)



Net Income (Loss)	$171,902	($680,384)	$79,800	($2,028,550)
Basic weighted average common shares outstanding	46,290	39,746	45,063	39,707
Dilutive impact of restricted stock	305	—	244	—
Dilutive impact of warrants (1)	501	—	1,812	—
Diluted weighted average common shares outstanding	47,096	39,746	47,119	39,707

Net Income (Loss) Per Common Share
Basic	$3.71	($17.12)	$1.77	($51.09)
Diluted	$3.65	($17.12)	$1.69	($51.09)

Restricted stock (2)	8	703	28	506
Warrants (2)	481	560	481	508

(1) See “Note 15 - Subsequent Events” for discussion of warrants exercised.

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