Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

Earnings per Share

6 Months Ended

Jun. 30, 2021

Basic net earnings (loss) per share is calculated by dividing the net income (loss) available to common shareholders, excluding net income or loss attributable to Noncontrolling interest, as applicable to the six months ended June 30, 2021 (see Note 3), by the weighted average common shares outstanding for the period.

In computing diluted earnings (loss) per share, basic net earnings (loss) per share is adjusted based on the assumption that dilutive RSUs and PRSUs have vested and outstanding Common Units and shares of Series A Preferred Stock held by Juniper as a Noncontrolling interest in the Partnership are exchanged for common shares, as applicable to the six months ended June 30, 2021 (see Note 3). Accordingly, our reported net income (loss) attributable to common shareholders is adjusted to reflect the reallocation of the net income (loss) attributable to the Noncontrolling interest assuming exchange of the Common Units and Series A Preferred Stock held by Noncontrolling interest.

The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings (loss) per share for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income (loss)	$	7,596	$	(94,715)	$	(12,425)	$	68,379
Net income (loss) attributable to Noncontrolling interest	(4,551)		—		1,898		—
Net income (loss) attributable to common shareholders (basic)	3,045		(94,715)		(10,527)		68,379
Reallocation of Noncontrolling interest net income (loss)	4,551		—		(1,898)		—
Net income (loss) attributable to common shareholders (diluted)	$	7,596	$	(94,715)	$	(12,425)	$	68,379

Weighted-average shares – basic	15,311		15,167		15,287		15,159
Effect of dilutive securities:
Common Units and Series A Preferred Stock that are exchangeable for common shares	22,549		—		—		—
RSUs and PRSUs	512		—		—		109
Weighted-average shares – diluted 1	38,372		15,167		15,287		15,268

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1 For the six months ended June 30, 2021, approximately 22.8 million potentially dilutive securities represented by approximately 22.5 million Common Units and less than 0.2 million shares of Series A Preferred Stock as well as 0.3 million of RSUs and PRSUs, respectively, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share. For the three months ended June 30, 2020, approximately 0.1 million potentially dilutive securities, represented by RSUs and PRSUs, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share.