Earnings Per Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share
Note 9—Earnings Per Share
Basic earnings per share (“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. Diluted 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 restricted stock and performance stock units, outstanding stock options and warrants using the treasury stock method, and (ii) the Company’s Class C Common Stock 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 are therefore excluded from the computation of diluted earnings per share.
The following table reflects the allocation of net income to common shareholders and EPS computations for the periods indicated based on a weighted average number of common shares outstanding for the period:

For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
(in thousands, except per share data)
2019
 
2018

2019

2018
Net income (loss) attributable to Class A Common Stock
$
(3,585
)

$
39,288


$
6,180


$
168,919

Add: Income from conversion of Class C Common Stock
—


1,717


—


—

Adjusted net income (loss) attributable to Class A Common Stock
$
(3,585
)
 
$
41,005

 
$
6,180

 
$
168,919

 
 
 
 
 
 
 
 
Basic net earnings (loss) per share of Class A Common Stock
$
(0.01
)
 
$
0.15

 
$
0.02

 
$
0.64

Diluted net earnings (loss) per share of Class A Common Stock
$
(0.01
)
 
$
0.15

 
$
0.02

 
$
0.63

 
 
 
 
 
 
 
 
Basic weighted average shares of Class A Common Stock outstanding
266,205

 
263,959

 
265,025

 
263,029

Add: Dilutive effect of potential common shares
—

 
3,766

 
60

 
3,625

Add: Dilutive effects of conversion of Class C Common Stock
—

 
12,189

 
—

 
—

Diluted weighted average shares of Class A Common Stock outstanding
266,205

 
279,914

 
265,085

 
266,654


The following table presents shares excluded from the diluted earnings per share calculation as their impacts were anti-dilutive for the periods indicated:
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
(in thousands)
2019(1)
 
2018
 
2019
 
2018
Out-of-the-money stock options
4,817

 
142

 
4,680

 
318

Warrants
8,000

 
—

 
8,000

 
—

Restricted stock
3,827

 
—

 
2,313

 
—

Weighted average shares of Class C Common Stock
10,351

 
—

 
11,446

 
13,056

Performance stock units
—

 
—

 
—

 
52

Employee Stock Purchase Plan
8

 

 
—

 


 
(1)  
The Company recognized a net loss during the three months ended September 30, 2019. As a result, all potential common shares were anti-dilutive and excluded from the calculation of diluted net earnings per share.