Earnings Per Share
 9 Months Ended
Sep. 30, 2020
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 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.
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:

Three Months Ended September 30,
 
Nine Months Ended September 30,
(in thousands, except per share data)
2020
 
2019

2020

2019
Net income (loss) attributable to Class A Common Stock
$
(51,529
)

$
(3,585
)

$
(594,182
)

$
6,180

 
 
 
 
 
 
 
 
Basic weighted average shares of Class A Common Stock outstanding
278,017

 
266,205

 
277,038

 
265,025

Add: Dilutive effects of potential common stock
—

 
—

 
—

 
60

Diluted weighted average shares of Class A Common Stock outstanding
278,017

 
266,205

 
277,038

 
265,085

 
 
 
 
 
 
 
 
Basic net earnings (loss) per share of Class A Common Stock
$
(0.19
)
 
$
(0.01
)
 
$
(2.14
)
 
$
0.02

Diluted net earnings (loss) per share of Class A Common Stock
$
(0.19
)
 
$
(0.01
)
 
$
(2.14
)
 
$
0.02


The Company recognized a net loss during the three and nine months ended September 30, 2020 and during the three months ended September 30, 2019. As a result, all potential common shares were anti-dilutive and were excluded from the calculation of diluted net earnings per share. The following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(in thousands)
2020
 
2019
 
2020
 
2019
Out-of-the-money stock options
2,469

 
4,817

 
3,983

 
4,680

Restricted stock
9,572

 
3,827

 
6,607

 
2,313

Employee Stock Purchase Plan
—

 
8

 
93

 
—

Weighted average shares of Class C Common Stock
—

 
10,351

 
348

 
11,446

Warrants
8,000

 
8,000

 
8,000

 
8,000