Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.20.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table presents a reconciliation of the loss and shares used in calculating basic and diluted loss per share for the three months ended March 31, 2020 and 2019:
 
Three Months Ended
 
March 31,
(in thousands, except share data)
2020
 
2019
Numerator:
 
 
 
Net loss
$
(1,869,656
)
 
$
(25,935
)
Dividends on preferred stock
18,950

 
18,950

Net loss attributable to common stockholders - basic
(1,888,606
)
 
(44,885
)
Interest expense attributable to convertible notes (1)
—

 
—

Net loss attributable to common stockholders - diluted
$
(1,888,606
)
 
$
(44,885
)
Denominator:
 
 
 
Weighted average common shares outstanding
272,210,744

 
251,047,727

Weighted average restricted stock shares
1,181,871

 
1,310,151

Basic weighted average shares outstanding
273,392,615

 
252,357,878

Effect of dilutive shares issued in an assumed conversion
—

 
—

Diluted weighted average shares outstanding
273,392,615

 
252,357,878

Loss Per Share
 
 
 
Basic
$
(6.91
)
 
$
(0.18
)
Diluted
$
(6.91
)
 
$
(0.18
)

___________________
(1)
If applicable, includes a nondiscretionary adjustment for the assumed change in the management fee calculation.

For the three months ended March 31, 2020 and 2019, excluded from the calculation of diluted earnings per share is the effect of adding back $4.8 million and $4.7 million of interest expense, net of a nondiscretionary adjustment for the assumed change in the management fee calculation, and 18,171,150 and 18,045,599 weighted average common share equivalents related to the assumed conversion of the Company’s convertible senior notes, as their inclusion would be antidilutive.