Earnings Per Share

9 Months Ended

Sep. 30, 2020

During the nine months ended September 30, 2021 and 2020, we repurchased 4,293,924 shares for $46.2 million and 3,328,574 shares for $30.1 million, respectively, of our common stock under the repurchase program. In the three months ended September 30, 2021 and 2020, we repurchased 4,293,924 shares for $46.2 million and no shares, respectively, under this program. The settled shares were subsequently retired. As of September 30, 2021, there were 363,616 shares for $3.9 million that were pending settlement. There were no shares pending settlement at September 30, 2020.

The following table shows the information used in the calculation of our basic and diluted earnings per share calculation for the nine months ended September 30, 2021 and 2020:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2021	2020	2021	2020

Weighted average common shares outstanding for basic calculation	267,106,109	267,265,705	267,327,888	267,908,427
Add: Effect of stock options, deferred share units and restricted stock units	72,854	13,850	113,506	12,463
Weighted average common shares outstanding for diluted calculation	267,178,963	267,279,555	267,441,394	267,920,890

Basic earnings per common share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding, which includes 136,324 and 123,343 shares of participating securities in the three and nine months ended September 30, 2021, respectively, and 77,157 and 65,264 shares of participating securities in the three and nine months ended September 30, 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 1,372,601 and 1,461,000 equivalent shares in the three and nine months ended September 30, 2021, respectively, and 1,730,960 and 1,644,002 in the three and nine months ended September 30, 2020, respectively, as these shares are anti-dilutive.