Earnings Per Share

3 Months Ended

Mar. 31, 2020

During the three months ended March 31, 2020, we repurchased 3,328,574 shares of our common stock under the repurchase program that was approved on July 30, 2019. These shares were subsequently retired. There were no shares repurchased under this program during the three months ended March 31, 2021.

The following table shows the information used in the calculation of our basic and diluted earnings per share calculation for the three months ended March 31, 2021 and 2020:


	For the Three Months Ended March 31,
	2021	2020

Weighted average common shares outstanding for basic calculation	267,318,860	269,216,820
Add: Effect of stock options, deferred share units and restricted stock units	146,459	19,742
Weighted average common shares outstanding for diluted calculation	267,465,319	269,236,562

Basic earnings per common share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding, which includes 110,647 and 53,204 shares of participating securities in the three months ended March 31, 2021 and 2020, respectively. Diluted earnings per share are calculated by dividing net income (loss) by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued.

The weighted average common shares outstanding for the diluted earnings per share calculation excludes consideration of 1,106,823 and 1,297,661 equivalent shares in the three months ended March 31, 2021 and 2020, respectively, as these shares are anti-dilutive.