| Earnings Per Share |
Earnings Per Share
The following table presents a reconciliation of the (loss) earnings and shares used in calculating basic and diluted (loss) earnings per share for the three months ended March 31, 2019 and 2018:
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
(in thousands, except share data) |
2019 |
|
2018 |
Numerator: |
|
|
|
Net (loss) income |
$ |
(25,935 |
) |
|
$ |
334,809 |
|
Dividends on preferred stock |
18,950 |
|
|
13,747 |
|
Net (loss) income attributable to common stockholders - basic |
(44,885 |
) |
|
321,062 |
|
Interest expense attributable to convertible notes (1)
|
— |
|
|
4,701 |
|
Net (loss) income attributable to common stockholders - diluted |
$ |
(44,885 |
) |
|
$ |
325,763 |
|
Denominator: |
|
|
|
Weighted average common shares outstanding |
251,047,727 |
|
|
173,552,675 |
|
Weighted average restricted stock shares |
1,310,151 |
|
|
1,593,289 |
|
Basic weighted average shares outstanding |
252,357,878 |
|
|
175,145,964 |
|
Effect of dilutive shares issued in an assumed conversion |
— |
|
|
17,672,567 |
|
Diluted weighted average shares outstanding |
252,357,878 |
|
|
192,818,531 |
|
(Loss) Earnings Per Share |
|
|
|
Basic |
$ |
(0.18 |
) |
|
$ |
1.83 |
|
Diluted |
$ |
(0.18 |
) |
|
$ |
1.69 |
|
___________________
|
|
(1) |
Includes a nondiscretionary adjustment for the assumed change in the management fee calculation. |
For the three months ended March 31, 2019, excluded from the calculation of diluted earnings per share is the effect of adding back $4.7 million of interest expense, net of a nondiscretionary adjustment for the assumed change in the management fee calculation, and 18,045,599 weighted average common share equivalents related to the assumed conversion of the Company’s convertible senior notes, as their inclusion would be antidilutive.
|