| EARNINGS (LOSS) PER SHARE |
EARNINGS (LOSS) PER SHARE
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Three Months Ended December |
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Nine Months Ended December |
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| (In thousands, except per share amounts) |
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2023 |
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2022 |
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2023 |
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2022 |
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Earnings (loss) per common share – basic: |
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Net income (loss) |
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$ |
(42,452) |
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$ |
507,868 |
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$ |
(550,574) |
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$ |
333,476 |
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Weighted average common shares outstanding |
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388,383 |
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387,739 |
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388,294 |
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387,663 |
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Earnings (loss) per common share |
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$ |
(0.11) |
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$ |
1.31
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$ |
(1.42) |
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$ |
0.86
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Earnings (loss) per common share – diluted: |
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Net income (loss) |
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$ |
(42,452) |
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$ |
507,868 |
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$ |
(550,574) |
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$ |
333,476 |
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Weighted average common shares outstanding |
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388,383 |
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387,739 |
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388,294 |
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387,663 |
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Incremental shares from stock options and other dilutive securities |
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— |
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453 |
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— |
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694 |
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Adjusted weighted average common shares outstanding |
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388,383 |
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388,192 |
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388,294 |
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388,357 |
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Earnings (loss) per common share |
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$ |
(0.11) |
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$ |
1.31
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$ |
(1.42) |
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$ |
0.86
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In the three and nine-month periods ended December 2023, the dilutive impacts of outstanding stock options and other dilutive securities were excluded from dilutive shares as a result of the Company's net loss for the periods and, as such, their inclusion would have been anti-dilutive. As a result, a total of 19.2 million and 19.0 million potentially dilutive shares related to stock options and other dilutive securities were excluded from the diluted loss per share calculations for the three and nine-month periods ended December 2023, respectively.
Outstanding stock options and other dilutive securities of approximately 9.9 million and 9.7 million shares were excluded
from the calculations of diluted earnings per share for the three and nine-month periods ended December 2022, respectively, because the effect of their inclusion would have been anti-dilutive. In addition, 0.6 million shares of performance-based RSUs were excluded from the calculations of diluted earnings per share for both the three and nine-month periods ended December 2022, because these units were not considered to be contingent outstanding shares in those periods.
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