Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2021
Summary of Significant Accounting Policies  
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding

The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented (in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

   

2020

   

2021

   

2020

   

2021

Basic weighted average number of shares outstanding

268,511

313,790

273,689

306,201

Add: Dilutive effect of RSUs

Add: Dilutive effect of PSUs

Add: Dilutive effect of outstanding stock options

Add: Dilutive effect of 2026 Convertible Notes

Diluted weighted average number of shares outstanding

268,511

313,790

273,689

306,201

Weighted average number of outstanding securities excluded from calculation of diluted earnings per common share (1):

RSUs

10,129

6,158

7,397

6,562

PSUs

1,988

2,748

1,808

2,706

Outstanding stock options

432

357

432

388

2026 Convertible Notes (2)

18,778

18,778

(1) The potential dilutive effects of these awards were excluded from the computation of diluted earnings (loss) per common share because the inclusion of these awards would have been anti-dilutive.
(2) Under the treasury stock method, only the amount by which the conversion value exceeds the aggregate principal amount of the 2026 Convertible Notes is considered in the diluted earnings per share computation. As of September 30, 2020, the conversion value did not exceed the principal amount of the notes, and accordingly, there was no impact to diluted earnings per share for the three and nine months ended September 30, 2020. Under the if-converted method, the weighted average number of shares outstanding for the three and nine months ended September 30, 2020, would have been 28 million and 10 million, respectively, all of which would have been anti-dilutive.