Earnings Per Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share
Note 10—Earnings Per Share
Basic EPS is calculated by dividing net income available to Class A Common Stock by the weighted average shares of Class A Common Stock outstanding during each period. Dilutive EPS is calculated by dividing adjusted net income available to Class A Common Stock by the weighted average shares of diluted Class A Common Stock outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consists of (i) unvested equity based restricted stock and performance stock units, outstanding stock options, withholding amounts from employee stock purchase plan and warrants using the treasury stock method, and (ii) the Company’s Class C Common Stock outstanding prior to the Conversion using the “if-converted” method, which is net of tax. When a loss from continuing operations exists, all dilutive securities and potentially dilutive securities are anti-dilutive and therefore excluded from the computation of diluted earnings per share.
The following table reflects the allocation of net income to common stockholders and EPS computations for the periods indicated based on a weighted average number of common stock outstanding for the period:
Year Ended December 31,
(in thousands, except per share data)202020192018
Net income attributable to Class A Common Stock$(682,837)$15,798 $199,899 
Add: Income from conversion of Class C Common Stock— 328 — 
Adjusted net income attributable to Class A Common Stock$(682,837)$16,126 $199,899 
Basic net earnings per share of Class A Common Stock$(2.46)$0.06 $0.76 
Diluted net earnings per share of Class A Common Stock $(2.46)$0.06 $0.75 
Basic weighted average shares of Class A Common Stock outstanding 277,368 267,700 263,341 
Add: Dilutive effects of conversion of Class C Common Stock— 8,869 — 
Add: Dilutive effects of potential common stock— 63 3,514 
Diluted weighted average shares of Class A Common Stock outstanding 277,368 276,632 266,855 
The following table presents shares excluded from the diluted earnings per share calculation as their impacts were anti-dilutive for the periods presented:
Year Ended December 31,
(in thousands)
2020(1)
20192018
Out-of-the-money stock options3,571 4,706 818 
Restricted stock6,299 2,895 — 
Performance stock units13 — 39 
Employee Stock Purchase Plan76 22 — 
Weighted average shares of Class C Common Stock 261 — 12,791 
Warrants8,000 8,000 —