| Schedule of Earnings Per Share, Basic and Diluted |
The following table presents a reconciliation of the earnings (loss) and shares used in calculating basic and diluted earnings (loss) per share for the years ended December 31, 2021, 2020 and 2019:
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Year Ended |
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December 31, |
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(in thousands, except share data) |
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2021 |
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2020 |
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2019 |
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Basic Earnings (Loss) Per Share: |
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Net (loss) income |
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$ |
187,227 |
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$ |
(1,630,135) |
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$ |
323,962 |
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Dividends on preferred stock |
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58,458 |
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75,802 |
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75,801 |
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Dividends and undistributed earnings allocated to participating restricted stock units |
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731 |
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— |
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— |
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Net (loss) income attributable to common stockholders, basic |
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$ |
128,038 |
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$ |
(1,705,937) |
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$ |
248,161 |
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Basic weighted average common shares |
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297,772,001 |
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273,600,947 |
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267,826,739 |
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Basic (loss) earnings per weighted average common share |
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$ |
0.43 |
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$ |
(6.24) |
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$ |
0.93 |
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Diluted Earnings (Loss) Per Share: |
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Net (loss) income attributable to common stockholders, basic |
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$ |
128,038 |
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$ |
(1,705,937) |
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$ |
248,161 |
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Reallocation impact of undistributed earnings to participating restricted stock units |
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— |
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— |
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— |
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Interest expense attributable to convertible notes (1)
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— |
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— |
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— |
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Net income (loss) attributable to common stockholders, diluted |
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$ |
128,038 |
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$ |
(1,705,937) |
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$ |
248,161 |
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Basic weighted average common shares |
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297,772,001 |
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273,600,947 |
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267,826,739 |
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Effect of dilutive shares issued in an assumed vesting of performance share units |
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271,537 |
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— |
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— |
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Effect of dilutive shares issued in an assumed conversion |
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— |
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— |
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— |
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Diluted weighted average common shares |
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298,043,538 |
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273,600,947 |
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267,826,739 |
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Diluted (loss) earnings per weighted average common share |
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$ |
0.43 |
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$ |
(6.24) |
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$ |
0.93 |
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___________________
(1)If applicable, includes a nondiscretionary adjustment for the assumed change in the management fee calculation.
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